China’s latest electric car startup, dubbed Xpeng, thinks it has what it takes to tackle the industry’s established players. If its latest investment claims are true, many others think the company also has the recipe for success.
Xpeng announced last week that it had received $350 million in investments in its latest round of funding. Included in the long list of investors is iPhone manufacturer Foxconn as well as e-commerce giant Alibaba. All up, Xpeng says it has received roughly $800 million in funding.
The newly-formed company first made an impression on the world stage at January’s Consumer Electronics Show in Las Vegas, unveiling the G3 SUV. Tipped as a rival to the Tesla Model X, the Xpeng G3 has an appealing design and has allegedly been in testing since 2016.
Xpeng plans on first offering the G3 in China by the end of this year and is targeting a price of roughly $40,000, almost a third the asking price of a Model X in the country.
Many specifics about the G3 remain unconfirmed but it’s reported that the electric powertrain will deliver roughly 190 hp and offer a range of around 186 miles (300 km).
In a bid to cut costs and ensure the G3 makes it to the road, production will be outsourced to Chinese carmaker Haima.