Xiaopeng Motors to raise over USD 1.6 billion for manufacturing EVs
Category: #world  By Saipriya Iyer  Date: 2018-04-10
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Xiaopeng Motors to raise over USD 1.6 billion for manufacturing EVs

Xiaopeng Motors, a China-based electric hybrid car startup, has apparently decided to raise funds of over USD 1.6 billion this year with an aim to compete against its rivals across the global electric vehicle market. Reports state that the electric car manufacturer will receive funds from Alibaba Group Holdings Limited and Foxconn Technology Group.

As per reliable sources, the company is planning to commence the pre-sales of its new model, the G3 crossover, by the end of this April. Seemingly, Xiaopeng wants to reshape the global automotive sector with its objective of promoting new energy cars.

With China emerging as one of the biggest markets of electric vehicles, Xiaopeng’s initiative is considered to be a vital effort toward maintaining a greener & cleaner environment through electric car production. For the record, the country has contributed to more than 50% of global vehicle sales in 2017.  Xiaopeng Motors has announced that by the end of this January the firm had collected nearly 5 billion yuan through its initial fund-raising round. Apparently, Alibaba and Foxconn have led this fund-raising round of Xiaopeng by contributing nearly 2.2 billion yuan in the form of funds.

He Xiaopeng, the cofounder of Xiaopeng Motors, has announced that the firm will enter into a partnership with Alibaba in cloud & maps products. This investment is seemingly Alibaba’s latest move in the vehicle sector as the internet giant seems to think that connected technology in the cars will produce more profits.

With the Chinese government promoting foreign ownership in the China automotive industry through the lowering of import duties, it is obvious that the regional car manufacturing sector will receive a commendable boost, claim experts. Firms such as Alibaba are also supporting the production of electric cars in the country, thereby further contributing towards escalated growth of the automotive industry in China.



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Saipriya Iyer

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Saipriya Iyer

Saipriya Iyer develops content for Market Size Forecasters, Algosonline, and myriad other platforms. A computer engineer by profession, she ventured into the field of writing for the love of playing with words. Having had a previous experience of 3 years under her bel...

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