Autos

Chinese Tesla rival Xpeng gets $76 million funding from government

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Xpeng CEO He Xiaopeng stands next to the company’s P7 electric sedan as he addresses media at the 2020 Beijing auto show.

Evelyn Cheng | CNBC

GUANGZHOU, China — 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.

Xpeng is headquartered in Guangzhou, the capital of Guangdong province. The region has been putting a focus on new energy vehicles and autonomous driving. Warren Buffett-backed electric…



Source cnbc.com

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