The new Xpeng P7 is on display at the Xpeng Motors flagship store in the mall. The Xpeng P7 is one of two popular Xpeng engine models.
Zhang Peng | LightRocket | Getty Images
Chinese company XPeng said on Thursday that it had invested $ 200 million in a new fund to support electric vehicles and “border technology” startups.
The fund, called Rockets Capital, also has a number of well-known venture capital players among its investors, including IDG Capital, eGarden, Sequoia China, 5Y Capital and GGV Capital.
Rockets Capital will focus on “investing in venture development and growth in the Smart EV value chain, clean energy and cutting-edge technology”.
XPeng did not explain what would include “border technology,” but the Chinese government has identified several areas that fall under the umbrella, including artificial intelligence and semiconductors.
The latter fund is expected to be the electric car industry to continue its growth. Gartner, a market research firm, predicts that 6 million electric vehicles will be delivered this year versus 4 million in 2021.
But global financial markets are also experiencing high volatility, particularly Chinese technology stocks are being hit, although they have returned in the last two days.
Bin Yuan, managing partner at Rockets Capital, said the fund’s closure was “evidence that in the ever-evolving investment industry, a low-carbon economy and technology-oriented development are consensual investment trends.”
Rockets Capital will operate independently of XPeng. The electric vehicle company said the fund would use XPeng’s “industrial expertise and resources” and “incubate technological innovation.”
The fund has already “concluded agreements” to invest in the company, XPeng said, without disclosing names.
XPeng leads in $ 200 million fund-focused investment in fund
Source link XPeng leads in $ 200 million fund-focused investment in fund