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China tech

Xpeng raises $500m as Chinese EV makers step up capital hunt

Funding boosts firepower as front-runner in crowded field ramps up output

 Xpeng's P7 sedan at the Guangzhou auto show last November. It is the electric vehicle maker's second production model.   © Reuters

HONG KONG -- Xpeng Motors, one of China's most high-profile electric vehicle startups, has secured $500 million in its latest funding round, giving it further firepower as rivals join an intensifying hunt for capital to ensure their survival.

The new funds came from investors including Aspex, Coatue, Hillhouse and Sequoia Capital China, seven months after Xpeng raised $400 million from Chinese smartphone maker Xiaomi and Xpeng founder He Xiaopeng, among others.

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