Xpeng

Xia Heng (Henry Xia) and He Tao, two former senior executives of GAC Group with experience in automotive technology and R&D, co-founded XPeng in 2014. Initial investors included Lei Jun, the creator of Xiaomi, He Xiaopeng, the inventor of UCWeb and a former executive at Alibaba, as well as XPeng's namesake and current chairman, XPeng. China's Alibaba, Foxconn, and IDG Capital were among the notable foreign and Chinese investors. Joseph Tsai, vice president of Alibaba, joined the XPeng corporate board in 2018 as a result of additional finance.

Starting in September 2018, the California Department of Motor Vehicles issued a permit to XPeng's American subsidiary, XMotors.ai, for the purpose of testing autonomous vehicles. In February 2020, the permit was cancelled because XPeng neglected to submit a disengagement report. In March 2020, the California Department of Motor Vehicles issued XPeng Motors a new Autonomous Vehicles Testing Permit.

In November 2018, XPeng began manufacturing its first product, the XPeng G3 SUV. In December 2018 at the Consumer Electronics Show in Las Vegas, it introduced the G3.

The P7, a four-door electric car that serves as the company's second model, made its debut at the 2019 Auto Shanghai exhibition in April 2019 and began customer deliveries in June 2020.
In order to serve Guangzhou, XPeng began a vehicle-for-hire business in May 2019.

In a third round of funding in November 2019, XPeng raised $400 million, and Xiaomi joined as a strategic investor. A consortium of investors led by Aspex, Coatue, Hillhouse Capital, and Sequoia Capital China invested $500 million in XPeng in July 2020. XPeng received an additional US$400 million in funding in August 2020 from a group of investors that included Alibaba, the Qatar Investment Authority, and Mubadala, the sovereign wealth fund of Abu Dhabi. XPeng raised US$1.5 billion on August 27, 2020, through an initial public offering (IPO) on the New York Stock Exchange, where its shares increased by more than 40% on the first day of trade. Guangdong Yuecai Investment Holdings Co. invested US$76.9 million in the business in March 2021. 23% of XPeng shares are held as of May 2021.

Revenue for XPeng increased by almost 500% in the third quarter of 2021 compared to the same period last year. Additionally, during the previous year, it has roughly tripled the size of its R&D staff.


For the first time, XPeng began exporting its premium P7 sedan in 2021. Norway became its first overseas market in August. The P5 subcompact automobile from the firm will acquire traffic signal reading capabilities in August 2021. P5 was released by XPeng in September 2021. It is the first production vehicle featuring lidar sensors for cutting-edge driving aids (ADAS).


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