Electric vehicles

Xpeng powers up with new focus on IoT

Despite pressure on the EV industry, the electric car unicorn hopes that Series C funding and a new strategic investor will help it weather the storm.

Chinese electric car unicorn Xpeng Motors has raised $400 million and brought consumer electronics giant Xiaomi Corp on board as a strategic investor to give it the edge as it develops intelligent hardware for its vehicles.

The new round of Series C funding was announced on Wednesday morning. Xpeng’s relationship with Xiaomi is significant.

“We are a strong believer that smart mobility and autonomous driving are going to transform our daily lives, and we share the same vision with Xiaomi that technology innovation is the key driver in reshaping our future transportation,” said He Xiaopeng, chairman and chief executive of Xpeng, in a statement.

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