China-based private equity firm Primavera Capital Group led the fundraising with venture capital investor Morningside Venture Capital and Xiaopeng He, Xpeng’s chairman and chief executive officer, the company said. Chinese electric car manufacturer Xpeng Motors has raised USD ( $ 587 m ) of new investment , valuing the company at USD ( $ 3.7bn ) . The latest round was led by Chinese private equity firm Primavera Capital Group , with Morningside Venture Capital and Phoenix Capital Group also involved , as well as Xpeng Chairman and CEO Wang He . The firm has developed its " G3 " electric car , which was showcased in Las Vegas in January and is expected to be on the market this year . It is also working on advancing its technology to compete with manufacturers like Tesla .
Chinese electric car manufacturer Xpeng Motors has raised USD ( $ 587 m ) of new investment , valuing the company at USD ( $ 3.7bn ) . The latest round was led by Chinese private equity firm Primavera Capital Group , with Morningside Venture Capital and Phoenix Capital Group also involved , as well as Xpeng Chairman and CEO Wang He . The firm has developed its " G3 " electric car , which was showcased in Las Vegas in January and is expected to be on the market this year . It is also working on advancing its technology to compete with manufacturers like Tesla .