Chinese electric car manufacturer Xpeng Motors has raised CNY4bn ($587m) of new investment, valuing the company at CNY25bn ($3.7bn). The investment is part of a larger plan to expand its business into other parts of Asia, including Southeast Asia and India. 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. Hillhouse Capital Group, which is currently finalising a new private equity fund that could become one of the biggest in the region, also participated in the fundraising. It is also working on advancing battery technology to compete with firms like Tesla.
Chinese electric car manufacturer Xpeng Motors has raised CNY4bn ($587m) of new investment, valuing the company at CNY25bn ($3.7bn). The investment is part of a larger plan to expand its business into other parts of Asia, including Southeast Asia and India. 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 battery technology to compete with firms like Tesla.