Chinese electric vehicle (EV) manufacturer XPeng, backed by Alibaba Group Holdin...
HONG KONG/BEIJING - Chinese electric vehicle manufacturer XPeng, backed by Alibaba Group Holding Ltd, said on Wednesday it has raised $400 million from investors including Xiaomi Corp to fund its growth.
The fundraising comes at what bankers and industry insiders describe as an increasingly tough financing environment for Chinese EV startups which must jostle for attention in a crowded sector and produce convincing arguments about future profitability despite government cuts to EV subsidies and plans to phase them out.
With Xiaomi, XPeng will explore more applications of smart phone technologies on intelligent connected vehicles, said one of the sources. XPeng also secured “several billions” of yuan-dominated unsecured credit lines from banks including China Merchants Bank, China CITIC Bank and HSBC, the statement said, without specifying figures.
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