Tesla competitor XPeng raises $500 million in latest fundraising round

Xpeng Logo

Fresh off the launch of the launch of the XPeng P7, seen by many as a competitor to Tesla’s flagship Model S, the Chinese automaker recently raised $500 million in a fundraising round.

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Among those who invested in this round include Aspex Management, Sequoia Capital China, Hillhouse Capital and Coatue Management.

The funds, along with another $400 million raised in November 2019, will help Xpeng stay afloat in a tough Chinese electric vehicle (EV) market, which Tesla currently dominates with record sales.

Xpeng hasn’t been without its share of controversy. While facing a lawsuit from Tesla over an alleged theft of Autopilot source code by a former Tesla employee, the automaker blatantly copied Tesla’s website design to showcase the P7.

XPeng P7 specs page

h/t [MSN]

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Founder and Editor-in-chief of Drive Tesla Canada | Darryn@DriveTeslaCanada.ca Have a Tesla tip? Email tips@driveteslacanada.ca, or DM us on Twitter @DriveTeslaca