Xiaopeng raises $324m as UCar begins investing

Jun 13, 2017 • Robert Lavine

Chauffeured lift service UCar has formed a $1.47bn investment subsidiary and its first move has been to lead a series B round for electric car developer Xiaopeng Motors.

China-based electric vehicle developer Xiaopeng Motors has raised RMB2.2bn ($324m) in a series B round led by on-demand chauffeured travel platform UCar, South China Morning Post reported yesterday.

Founded in 2014, Xiaopeng is working on an all-electric sports utility vehicle called Xpeng that will be capable of being mass produced relatively quickly, and is looking to begin commercial manufacturing of the vehicle later this year.

UCar made the investment through a newly formed RMB10bn ($1.47bn) strategic investment fund that chairman…

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