Chinese Tesla rival Xpeng Motor raises $500 million

Xpeng Motors latest electric car is called the P7. Xpeng Motors Chinese electric car company Xpeng Motors has raised fresh funding as competition continues to heat up in Chinaࢀ™s so-called new energy vehicle market. The $500 million funding came from a group of investors including Aspex, Coatue, Hillhouse Capital and Sequoia Capital China. It follows a $400 million cash injection in November from investors that included Chinese smartphone maker Xiaomi. Chinaࢀ™s electric vehicle sector has been hit hard by the coronavirus pandemic. Sales of new energy vehicles fell 33.1% year-on-year in June, according to data from the China Association of…