Chinese Tesla challenger Xpeng raises US$500 million from Hillhouse, Sequoia and others


Source: scmp.com scmp.com

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Hillhouse Capital, Sequoia Capital China, Aspex and Coatue back Xpeng in Series C+ fundraising China’s passenger car sales fell sharply during the first quarter of the year due to the coronavirus pandemic Tesla challenger in China raises capital to expand in world’s biggest auto market. Chinese electric vehicle maker Xpeng Motors has raised around US$500 million to expand in the world’s largest car market. One of Tesla’s most prominent Chinese challengers, Xpeng won investment from Aspex, Coatue, Hillhouse Capital and Sequoia Capital China, the company said on Monday. The fundraising comes after China’s passenger car sales rebounded recently from a...