Xpeng cars built by Haima Auto Factory

Chinese electric vehicle start-up Xpeng Motors has raised US$400m from investors for New Product Development (NPD) and is planning to bring to market a number of new models in its pipeline. Among Xpeng’s investors are smartphone maker Xiaomi, Alibaba and Foxconn Technology Group.

The Guangzhou-based car manufacturer launched the G3 battery-powered SUV in early 2018, production of which is outsourced with Haima Auto – a small-scale local vehicle producer. Sales volumes were very limited last year, but reports suggest G3 deliveries to dealers in the first ten months of 2019 exceeded 14,000 units.