Alibaba-backed Xpeng raises US$348 million as Chinese electric car start-ups battle for attention

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Xiaopeng Motors, the electric car start-up backed by Alibaba Group Holding, is nearing the close of a 2.2 billion yuan (US$348 million) funding round, accelerating the pace of competition among start-ups in the world’s largest auto market.
The latest series B round is led by Alibaba, Foxconn and IDG Capital, the company announced in Hong Kong on Monday. Other investors include Yunfeng Capital, CICC and Morning Ventures.
“The funding round is a milestone for Xiaopeng,” said co-…

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