XPENG Motors Announces Series B+ Financing Round of RMB 4 Billion at a Post-Money Valuation Close to RMB 25 Billion

BEIJING, Aug. 2, 2018 /PRNewswire/ -- Today, XPENG Motors announces the official signing of its Series B+ round of RMB 4 billion with Primavera Capital Group, Morningside Venture Capital, as well as He Xiaopeng, Chairman and CEO of XPENG Motors, jointly leading the investment. In addition to the continued support from a number of existing shareholders, well-known investors such as Hillhouse Capital, K11 Investment, and Eastern Bell Venture Capital also joined for the first time to support XPENG Motors. This is the largest single-round of financing in China's new energy vehicle industry in 2018.

After the completion of this Series B+ round, XPENG Motors will have raised RMB 6.2 billion in total for the entire Series B round, with total financing to date exceeding RMB 10 billion. At present, the valuation of XPENG Motors is close to RMB 25 billion.

From Angel to Series B+ round, He Xiaopeng, Chairman and CEO of XPENG Motors, has always been the largest individual investor. 

"We will adhere to the path of independent innovation tailored to the China market and Chinese driving habits. Autonomous driving and intelligent connectivity are the core competence of XPENG Motors. Only by continuously creating long-term value for our customers and investors will our company grow bigger and stronger," He Xiaopeng, Chairman and CEO of XPENG Motors said. "XPENG Motors' model G3 will be released within this year and delivery will start from the end of this year. We are confident that we will deliver high-quality intelligent cars with high value-for-money to our customers."

Fred Hu, Chairman of Primavera Capital Group and a world renowned economist said: "XPENG Motors is an important investment for Primavera Capital Group in the new energy vehicle sector. The technological innovation of the Internet and AI is reshaping the ecology of the automobile industry and will disrupt people's driving and traveling experiences. We are very much looking forward to partnering with XPENG Motors, and we believe that XPENG Motors has the potential to become the most prominent player in the electric vehicle industry."

"My investment philosophy is to believe in entrepreneurship and entrepreneurs," said Richard Liu, founding partner of Morningside Capital. "We share He Xiaopeng's insights into the products and customers of the intelligent vehicle era, and believe that XPENG Motors is born with the new intelligent car manufacturing DNA. The rapid development of the company since its inception and its customer-oriented, prudent culture have strengthened our confidence. From Series A+ and B rounds to the current Series B+ round, Morningside Capital has continuously increased our investments into XPENG Motors."

On January 29 this year, XPENG Motors announced in Hong Kong its Series B financing round of RMB 2.2 billion; in December 2017, the company announced its Series A0, A1,and A2 financing round; in May 2017, XPENG Motors received an investment of RMB 2.2 billion led by Ucar Capital, a fund established by Ucar Inc. In addition, XPENG Motors' individual investors include Fu Sheng, Cheetah Mobile Chairman and CEO; Yao Jinbo, founder and CEO of the online classifieds marketplace 58.com; Zhang Tao, founder of the local services review site Dianping; as well as Dai Kebin, founder and CEO of the job recruitment site Liepin.com, and other internet tycoons.

G3 is a highly-appealing, high-quality and high-tech electric SUV. The design of G3 features sporty characters, with a shark-shaped front lip, lightsaber LED lights and integrated diamond matrix taillights. In addition, the G3 is equipped with the industry' first 360° roof camera, unique space-capsule-like cockpit, 20 smart sensors, as well as full-scenario autonomous parking and Level 2.5 autonomous driving technologies tailored to the driving environment in Asia.

G3 is set to start official sales later in 2018 and its detailed specification and price to be announced then. Delivery will also start by the end of this year. In the meantime, XPENG Motors will build 150 supercharging stations across the country, and gradually open dozens of offline stores in first-tier cities. 

About XPENG Motors

XPENG Motors was invested jointly by a number of Internet tycoons including He Xiaopeng, co-founder of the mobile Internet company UCWeb and former President of the Alibaba mobile business group; Li Xueling, founder of video-based social network YY Inc.; Gao Xiang, Founding Partner of Banyan Capital; and Wu Xiaoguang, a high-ranking management executive at Tencent Holdings Limited, in 2014. The company is also co-founded by Xia Heng, former Chief of new energy control system R&D at the GAC Group, and He Tao, Chief of the intelligent car and unmanned driving division at GAC.

XPENG Motors is headquartered in Guangzhou, with its R&D, manufacturing, and marketing divisions in Beijing, Shanghai, Zhaoqing (Guangdong Province), and Silicon Valley (United States). XPENG Motors spent 10 billion yuan in building the Intelligent Science and Technology Park at the Zhaoqing New Zone and worked together with Haima Automobile on the intelligent production base in Zhengzhou, China.

As of now, XPENG Motors has completed Series B+ round of financing with a total funding amount exceeding 10 billion yuan, and a current valuation of close to 25 billion yuan.

For more information, please visit the official website of Xpeng Motors at: https://www.xiaopeng.com

SOURCE XPENG Motors