News > Chinese Tesla rival Xpeng gets $76 million funding from government

Chinese Tesla rival Xpeng gets $76 million funding from government

Evening Standard | 15/03/2021 01:13 PM | Click to read full article

Electric carmaker Xpeng Motors has got a new round of investment from the government of the southern Chinese province of Guangdong. The 500 million yuan ($76.9 million) funding from Guangdong Yuecai Investment Holdings Co., the province’s investment arm, will be used to “accelerate the company’s business expansion,” Xpeng said in a statement.

Since its $1.5 billion U.S. initial public offering in August, Xpeng has continued to raise money to fuel its growth, ramp up production, and battle against domestic rivals as well as Tesla.