Xiaopeng Motors secures $350 million investment

Xiaopeng Motors, a Chinese electric car startup who built a ‘Tesla clone’, announced that it secured an important 2.2 billion yuan ($348 million) investment round led by two Chinese tech giants: Alibaba and Foxconn.

Henry Xia, who founded the startup in 2014, admitted openly that he was influenced by Tesla and by the automaker’s announcement that they were open-sourcing their patents.

It’s not clear if the company uses any specific patent from Tesla, but we remarked last year that they built a battery pack technology very similar to Tesla’s.

 

Alibaba, China’s e-commerce giant, has been an important investor in the company’s first two rounds, which now adds up to $800 million in funding, according to the company.

Xiaopeng Motors started low volume production last year and they expect to ramp up and bring the vehicle to market this year thanks to this new investment.

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