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The startup raised the new money from IDG Capital, 5Y Capital, Xpeng and others in this funding round, it said in a statement.

Xpeng-Backed Flying Car Startup Raises $500 Million

The China Association of Automobile Manufacturers (CAAM) said earlier this month that NEV sales in China are likely to rise to 3 million units this year, up from 1.4 million last year.

China's EV Sales Expected To Exceed 35% In 2025, Says Xpeng CEO

It also gets high tech autonomous and ADAS technology with a system that has 32 perception sensors.

XPeng P5 EV Debuts With Up To 600 Kilometres Of Range

Overall, the company has sold 45,992 cars in 2021 alone which is 334 per cent year on year.

XPeng Sales Triple In August 2021, Underpinning Chinese EV Boom

The deal follows that of rival Xpeng Inc, which raised $1.8 billion in its dual primary listing in late June.

Chinese EV Maker Li Auto To Raise $1.52 Billion In Hong Kong Listing

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