Chinese language Tesla rival Xpeng will get $76 million funding from authorities

Xpeng CEO He Xiaopeng stands subsequent to the corporate’s P7 electrical sedan as he addresses media on the 2020 Beijing auto present.

Evelyn Cheng | CNBC

GUANGZHOU, China — Electrical carmaker Xpeng Motors has bought a brand new spherical of funding from the federal government of the southern Chinese language province of Guangdong.

The five hundred million yuan ($76.9 million) funding from Guangdong Yuecai Funding Holdings Co., the province’s funding arm, will probably be used to “speed up the corporate’s enterprise growth,” Xpeng mentioned in an announcement.

Xpeng is headquartered in Guangzhou, the capital of Guangdong province. The area has been placing a give attention to new vitality autos and autonomous driving. Warren Buffett-backed electrical carmaker BYD is predicated in Shenzhen, the tech powerhouse in Guangdong. And autonomous driving start-ups similar to Pony.ai, WeRide and AutoX are all based mostly within the province.

The funding will assist to speed up the “vehicle trade’s strategic transition in Guangdong,” Xpeng mentioned in a press launch.

Since its $1.5 billion U.S. preliminary public providing in August, Xpeng has continued to boost cash to gas its progress, ramp up manufacturing and battle in opposition to home rivals in addition to Tesla. In September, Xpeng acquired 4 billion yuan in financing from an arm of the Guangzhou authorities. In January, the corporate secured a credit score line of 12.8 billion yuan from main state-owned banks.

The corporate has been specializing in constructing its manufacturing base with two wholly-owned factories — one in Zhaoqing and one other presently beneath building in Guangzhou.

After an enormous surge in 2020, Xpeng shares are beneath strain this 12 months and down about 18% year-to-date.

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