There are several Chinese EV startups looking to challenge Tesla in the ever growing market for all-electric vehicles. Now another newcomer is looking to join the foray. Xiaopeng Motors a.k.a. Xpeng Motors is looking to raise $1.6 billion dollars to build its G3 EV SUV. XPeng is looking to bring high tech know-how through the help/partnership with internet retail giant Alibaba and electronics giant Foxconn. According to Automotive News reports, its plans to raise $1.6 billion is an addition to the $800 million the company has already raised thus far.
Xpeng’s founder, He Xiaopeng said his company is to begin taking pre-orders of its first electric vehicle the G3 (pictured) later this month. Like many comparable electric vehicles such as the Tesla Model X, Xpeng’s G3 SUV will be equipped with lots of tech features, which includes an autonomous driving system with “3 millimeter-wave radars, 12 ultrasonic radars, 8 cameras and 23 intelligent sensors.”
Xpeng does not have plans to sell their cars in the U.S. as the Chinese EV market is currently seeing rapid growth. However, Xpeng may enter enter new markets with their EV in the future.
Image credits: Xpeng