Chinese Tesla rival Xpeng gets $76 million funding from government

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…