August 2, 2018 - XPENG Motors today announces the official signing of its Series B+ round financing of RMB 4 billion with Primavera Capital Group, Morningside Venture Capital and He Xiaopeng, Chairman and CEO of XPENG Motors, who are jointly leading the investment.
The largest single-round of financing in China's new energy vehicle industry in 2018, the Series B+ round, received funding from renowned investors such as Hillhouse Capital, K11 Investment and Eastern Bell Venture Capital for the first time, in addition to continued support from a number of existing shareholders.
After the completion of the 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 around RMB 10 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 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 attractive value 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.”