Private-equity firms and individual investors including Founder He Xiaopeng also took part in the funding round, Xpeng recently in a statement.
The startup said in June it has produced 10,000 units of its G3 sport utility vehicle, putting it in competition with local rivals such as NIO Inc. and global competitors including Tesla Inc. in the world’s biggest EV market.
Yet demand in China is sputtering, with EV sales falling for months since the government cut subsidies earlier this year. The slump has raised speculation among investors that only a small fraction of China’s aspiring electric-car makers will survive.
Xpeng is working with Xiaomi in developing technologies connecting smartphones with vehicles. Xpeng’s backers also include ecommerce giant Alibaba Group Holding Ltd.
The carmaker said it also secured “several billions” of yuan in unsecured credit lines from China Merchants Bank Co., China Citic Bank Corp. and HSBC Holdings Plc.
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