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Alibaba-backed carmaker seeks more than $1.6b

Xiaopeng Motors plans to start pre-sales of its first model, the G3 crossover, by the end of this month

Gulf News

Shanghai, Hong Kong: Xiaopeng Motors, the Chinese car start-up that’s backed by Alibaba Group Holding Ltd and Foxconn Technology Group, plans to raise more than 10 billion yuan ($1.6 billion; Dh5.82 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. Xiaopeng is among start-ups striving to become China’s Tesla Inc and reshape the auto industry as the Asian country promotes new-energy vehicles in an effort to clean up the environment and cut its reliance on oil imports.

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