XPeng Motors courts Alibaba and Qatar in last-minute round of funding ahead of IPO

Xpeng P7

What is considered one of Tesla’s leading competitors in China has just received a financial boost from two wealthy backers ahead of its planned initial public offering (IPO) in the US.

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XPeng Motors, who recently recently the P7 electric sedan to battle the Tesla Model S, received funding from Alibaba Group, already an investor in the automaker. A first-time investor was also added, Qatar’s sovereign wealth fund, The Qatar Investment Authority (QIA).

There is a bit of history between XPeng and Alibaba. The electric car maker was founded in 2014 for a former executive from Alibaba, and has been an investor from XPeng’s early Series AO round of fundraising (via SCMP).

Two weeks ago XPeng Motors announced they had accumulated $500 million in their latest fundraising round. With news of these two backers joining in, it brings the total funds in the C+ round of financing to $800 million.

The late rush of investors is thanks to reports XPeng will soon be listing on the New York Stock Exchange (NYSE)

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