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SNE - VC Deals: Alibaba Backs $300M EV Startup Round
Sony Corporation
Alibaba (BABA) and Qatar joined a $300M financing for Chinese EV startup Xpeng, according to Bloomberg sources. The new funds bring the round announced last month up to $800M. Sources say Xpeng, which competes with Tesla (TSLA) and NIO (NIO) has confidentially filed for a New York IPO as soon as this quarter.
Xpeng delivered over 5,000 units of its G3 SUV in H1. The P7 Sedan launched last month and shipped 1,641 units.
Staying in the EV industry, American Electric Power (AEP) and Chevron Technology Ventures (CVX) joined the $127M Series H for