Aug. 3 (NBD) -- Chinese electric car startup Xiaopeng Motors announced Thursday that it has raised 4 billion yuan (585.5 million U.S. dollars) in the B+ round financing, the largest amount ever raised in a single round among Chinese energy vehicle (EV) startups this year.
The investment is co-led by Primavera Capital Group, Morningside Venture Capital and He Xiaopeng, CEO of Xiaopeng Motors. Except for old shareholders, the electric car company also draw investments from Hillhouse Capital, K11, and Eastern Bell Venture Capital.
After the B+ round financing is completed, the aggregated amount the company have raised will reach 10 billion yuan (1.5 billion U.S. dollars). At present, Xiaopeng Motors is valued at around 25 billion yuan (3.7 billion U.S. dollars).
A source at Xiaopeng Motors told NBD that its first smart internet SUV G3 is expected to be delivered this year. In the second half of this year, the company will start establishing its sales network and service system. Besides, the designing, R&D and production of its second model will also begin this year.
It is noted that Robert Bao, who served as the portfolio manager of Fidelity Investment Trust - Fidelity China Region Fund, joined the team of Xiaopeng Motors recently to serve as general manager of the strategic planning department, responsible for financing, making strategies and maintaining investors' relations.
EV companies started cropping up in 2014. However, many are unable to achieve on-time delivery including Chinese automobile startup NIO.
Xiaopeng motors is confident to massively deliver G3 models starting from the end of 2018. But the priority for the company is to ensure the quality of vehicles and improve service system, He Xiaopeng noted.