Chinese electric vehicle (EV) manufacturer Xpeng Motors, backed by Alibaba Group Holding Ltd , said on Monday it has raised around $500 million in its latest funding round.
Li Auto, Xpeng’s rival, filed for a U.S. initial public offering earlier this month.
Xpeng, led by Chief Executive He Xiaopeng, is making electric G3 sport-utility vehicles and P7 sedans with autonomous driving capabilities in two Chinese plants.
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