(Yicai Global) Nov. 13 -- Chinese tech giant Xiaomi has taken part in the latest fundraising effort by Xiaopeng Motors, in which the electric car startup raised USD400 million.
The C round also attracted more funds from existing investors, including founder and Chairman He Xiaopeng, the Guangzhou-based firm said in a statement today. It did not disclose the identities of the other participants or the size of their contributions.
The carmaker also said it obtained unsecured credit totaling billions of yuan from several domestic and foreign banks including China Merchants, China CITIC and HSBC.
Xiaomi and Xpeng have carried out in-depth work on the interoperability of smartphones and cars with impressive results, said Xiaomi Chairman Lei Jun. He hopes to further ties between the pair on hardware and the Internet of Things.
Xpeng was founded in 2014. It launched its first production car, the G3 sports-utility model, at the end of last year and had sold 10,000 by the middle of 2019. It showcased its forthcoming P7 coupe at the Shanghai Auto Show in April and hopes to take it to market next year.
Editor: James Boynton