TAIPEI, Taiwan--(BUSINESS WIRE)--Taipei-based financial management company Oak Stone Limited have commented on Alibaba-backed Xpeng Motors, the Chinese electric vehicle (EV) startup, raising around $500 million in a Series C+ funding round from investors including Aspex, Coatue, Hillhouse Capital and Sequoia Capital China.

Xpeng's other investors include a number of recognised Chinese tech and investment firms, including Alibaba Group, Xiaomi, IDG Capital, Morningside Venture Capital, GGV Capital and Primavera Capital, according to data collected by Oak Stone Limited.

"At this stage, Xpeng has not disclosed its current valuation, however, according to our research team, the company is valued significantly higher than the 25 billion yuan it achieved after its Series B+ round in late 2018. Since then, Xpeng has hit two milestones, it launched its second smart electric vehicle, the P7 EV sports sedan, in April this year, and secured a production license for its second manufacturing plant in Zhaoqing, Guangdong Province in May of this year," commented Michael Pearson, Head of Corporate Equities at Oak Stone Limited.

Last year, Xpeng said it has plans to launch an initial public offering eventually, however, it wanted to expand its core business first. Along with other Chinese startups like Nio, Xpeng also competes with Tesla and recognised automakers BYD and BAIC group who manufacture their own electric vehicles.

One of Xpeng's key differences compared to some of its competitors is that it develops nearly all of its own software, and some of its essential hardware, in-house rather than depending on OEMs, including Xmart OS, its in-car operating system, XPILOT, its autonomous driving system, and its wireless firmware updates.

"All of China's electric vehicle makers are coping with strong market headwinds. China has the world's biggest electric vehicle market with more than 400 electric vehicle makers registered in the country. The market expanded rapidly due primarily to government investment and consumer discounts, but most of those financial incentives were withdrawn last year as the industry's rapid growth became a concern for Beijing," commented James Burnley, Head of Wealth Management at Oak Stone Limited.

Along with the COVID-19 pandemic, which forced many of China's automakers to halt production earlier this year, this caused a major drop in the sales of electric vehicles, leading to rumours that competing EV companies may now consolidate.

About Oak Stone Limited

Oak Stone Limited was established in late 2014 within the financial heart of Taipei, Taiwan. The company has since grown into a leading wealth management company in the Asia-pacific region, serving both individual clients and institutions.

Contacts

Yuan Cui, Head of Research & Analysis

[email protected]
Oak Stone Limited, 10F No. 178, Section 3, Minquan East Road,

Songshan District, Taipei City, Taiwan