Hyperdrive
Alibaba-Backed Carmaker Aims to Raise More Than $1.6 Billion
- Xiaopeng Motors to start pre-sales of first model end-April
- Foxconn, IDG Capital are other investors in the carmaker
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Xiaopeng Motors, the Chinese car startup that’s backed by Alibaba Group Holding Ltd. and Foxconn Technology Group, plans to raise more than 10 billion yuan ($1.6 billion) this year in a bid to take on rivals in the world’s biggest market for electric vehicles.
The company plans to start pre-sales of its first model, the G3 crossover, by the end of this month, founder He Xiaopeng said in an interview at the Boao Forum in China. He didn’t elaborate on the fundraising plans.