Xpeng Motors, a competitor of Tesla Motors, has announced fundraising of over 360 million euros with the help of Xiaomi.
As part of the announcement of a fundraiser, the Chinese manufacturer Xpeng Motors has brought Xiaomi into its capital. In total, the Chinese manufacturer has collected the equivalent of approximately 360 million euros of funds, to continue its efforts in the design and distribution of electric cars.
Beyond this investment, Xiaomi and Xpeng announced that they will collaborate together. Moreover, Xpeng’s founder, He Xiaopeng, is one of Xiaomi’s co-founder and CEO close friends, Lei Jun. Xiaomi wants to work more closely with Xpeng to create a “smart mobility” ecosystem.
Xiaopeng Xpeng G3, the city SUV
Xpeng Motors has already introduced its electric car named Xiaopeng Xpeng G3. It is a city SUV that takes some elements of the Model X but with relatively low prices, less than 30,000 euros. The two cars, however, have no comparable performance, the Xpeng G3 offers 145 kW for a torque of 300 Nm. It will take you almost 4 seconds to reach 50 km/h when it takes less to some version of the Model X to exceed 100 km/h.
Autonomy is also lower, with two battery capacities for autonomies of 351 and 365 kilometers. The interior is also very much inspired by Tesla with many similarities in the cabin, functions and software interfaces.
Xiaopeng Xpeng P7
Xpeng has already announced another model in April, the P7 sedan. The Chinese company plans to launch its P7 sedan in the spring of 2020 and begin deliveries in the second quarter of 2020.
With the entrance of Xiaomi, Xpeng has the support of one of the largest smartphone manufacturers in China. The Chinese market for electric vehicles is becoming increasingly fierce, in part because government subsidies for the purchase of electric cars are decreasing. The manufacturer Xpeng, therefore, accelerates its development.