Chinese electric vehicles maker Xiaopeng Motors has raised $400 million in a Series C funding round, the company said in a statement on Tuesday.
Xiaopeng Motors, better known as Xpeng, said it raised money from both corporate and individual investors, including electronics manufacturer Xiaomi Corporation (OTC: XIACF).
Xiaomi, whose CEO and co-founder Lei Jun was one of the angel investors in Xpeng, will also serve as a strategic advisor to the startup.
“Xiaomi Corporation and Xpeng Motors have achieved significant progress through in-depth collaboration in developing technologies connecting smart phones and smart cars,” Lei said in a statement.
“We believe that this strategic investment will further deepen our partnership with Xpeng in advancing innovation for intelligent hardware and the Internet of Things.”
Xpeng previously raised $314 million from China’s e-commerce giant Alibaba Group Holding Ltd. (NYSE: BABA) and Taiwan-based electronics maker Foxconn Technology Group (OTC: HNHPF) in January 2018, the Wall Street Journal reported at the time.