Chinese electric vehicle maker Xpeng Motors, backed by Alibaba and Foxconn, has raised $400m from investors, defying a sales slump in the world’s biggest market for clean energy vehicles.
The Guangzhou-based company said Chinese smartphone maker Xiaomi participated in its Series C funding round, which comes as Xpeng prepares to launch its second model, the P7 sedan, early next year. He Xiaopeng, chairman and chief executive of Xpeng, also participated in the round.
The start-up did not disclose its post-money valuation but a person with knowledge of the matter put it at just under $4bn.
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