Xpeng Motor President Brian Gu told CNBC that the company is looking to raise more money this year as it begins to boost production of its G3 SUV.
Chinese electric vehicle start-up Xpeng Motors is hoping to close a funding round this year which could be around the $600 million mark, the company's president told CNBC.
The country has seen a boom in electric car start-ups, thanks to government support including subsidies for companies which make such so-called new energy vehicles. Xpeng is one of the companies vying for the pole position in this area. Just last year, Xpeng raised 4 billion yuan in a funding round. Gu told CNBC that the company is on track to raise a similar amount of money this year.
Xpeng Motors Technology Ltd.'s G3 electric sport utility vehicle is displayed at the 2018 Guangzhou International Automobile Exhibition.The Xpeng president noted that several factors have weighed on investor sentiment, including the poor performance of publicly listed electric car makers.
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