Chinese electric car maker Xpeng Motors, a major Tesla rival, has raised $400 million ahead of an initial public offering (IPO) in the US, CNBC reported Wednesday citing two sources familiar with the matter.
Two days ago, cnTechPost reported that Xpeng Motors has raised another round of over $300 million in funding. This comes less than half a month after raising $500 million in a Series C+ round.
Chinese e-commerce giant Alibaba Group led the funding, with Qatar Sovereign Fund (QIA) also investing.
In response, Alibaba said, "Smart electric vehicles are an important part of the future of digital life. Alibaba looks forward to using its precipitated digital capabilities to help upgrade the development of the smart electric vehicle industry through its investment in Xpeng."
However, according to the latest CNBC report, an additional investor has come on board, bringing the total to $400 million.
In addition to existing investors Alibaba and sovereign wealth fund Qatar Investment Authority, Abu Dhabi’s sovereign wealth fund Mubadala has also jumped on board as part of the $400 million tranche, the two sources said.
The current funding round is close to completion, according to the report.
Xpeng plans a $700 million U.S. IPO in August, IFR, a Reuters media outlet, reported on July 31.
Bank of America, Credit Suisse and JPMorgan Chase are handling this, the report said citing sources.
On Monday, Xpeng said that 1,641 Xpeng P7s were delivered in July.
The number of deliveries broke a record for the first month of single-vehicle deliveries for an automotive startup in China, Xpeng said.
By the end of June, Xpeng had 128 sales outlets nationwide, covering 63 cities, it said.
The number of service outlets has reached 65, covering 52 cities.
