Alibaba-Fueled Electric Carmaker Xpeng Motors Raises $500M

Law360 (July 20, 2020, 6:50 PM EDT) -- Xpeng Motors, a Chinese electric vehicle maker that's backed by Alibaba Group Holding Ltd., said Monday it raised $500 million in its latest fund round, a move that comes as the electric vehicle industry has seen a continuous stream of deals despite the coronavirus pandemic.

The group of investors that participated in the Series C+ financing round included Aspex, Coatue, Hillhouse Capital and Sequoia Capital China, the company said. The round builds off of Xpeng's $400 million Series C funding round, which was announced in November.

The company said in a statement that the transaction was a reflection of its investors' confidence...

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