XPeng set to speed up fundraising after $587m series B+

The phenomenal pace of fundraising in China's electric vehicle space continues. A new hire hints that XPeng won't be slamming on the brakes any time soon.

It is hard to say how fast China-made electric cars run, but it is clear their makers are hitting top gear when it comes to powering up with fresh capital and talent.

Well-known Chinese electric car startup XPeng Motors said on Thursday it has closed its Rmb4 billion $587 million series B round funding, bringing the four-year-old firm’s value to Rmb25 billion.

The group said the funding round represented the largest single fundraising by a Chinese electric vehicle startup in the year so far. This round was co-led by Primavera Capital Group, Morningside Venture Capital and the carmaker’s chairman and CEO He Xiaopeng, the firm said on...

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