Chinese electric vehicle (EV) maker XPeng Motors announced on Monday that it has secured funding worth 500 million yuan ($77 million) from the Guangdong provincial government.
The latest round of investment was provided by Guangdong Yuecai Investment Holdings Co., the provincial authorities’ investment arm, and will be implemented to “further accelerate the company’s business expansion,” XPeng said in a press release.
XPeng is headquartered in Guangzhou, the capital city of Guangdong, and currently employs more than 5,000 staff members. It has two wholly-owned manufacturing bases in the province, one fully operational in Zhaoqing, and the other currently under construction in Guangzhou.
“This investment from the Guangdong provincial government reinforces our commitment to driving smart EV transformation with technology and data, and to building a comprehensive EV infrastructure in the fastest-growing areas of China,” said XPeng Chairman and CEO He Xiaopeng.
As a key challenger to US EV maker Tesla, XPeng has continued to raise funds to fuel its growth in China, securing four billion yuan in financing from an arm of the Guangzhou government in September, as well as a credit line of 12.8 billion yuan from state-owned banks in January.
“These credit facilities will support the company’s business operation and expansion in its manufacturing, sales and service capabilities, while optimizing efficiency,” XPeng stated at the time of the announcement.
Last year, New York-listed XPeng saw its annual deliveries surge to 27,041 units, representing an increase of 112.5%, according to the company’s latest financial results released last Monday. Total revenue for the completed year reached 5,844 million yuan, a 151.8% jump from the year before.
On Friday, XPeng announced that it had delivered its 50,000th EV, a significant milestone for the company. Currently, it produces the P7 sports sedan and the G3 SUV.