EV maker Xpeng set to challenge Tesla in embodied AI after robotics unit raises US$900m
Chinese electric vehicle (EV) maker Xpeng has secured US$900 million in funding from high-profile investors including Alibaba Group Holding and IDG Capital to spur its robotics unit, despite a widening second-quarter loss. Dogotix, a subsidiary of Xpeng, raised US$900 million in the latest round of financing, which valued it at US$6.3 billion, Xpeng said in a statement on Monday, adding that the…
Chinese electric vehicle (EV) manufacturer Xpeng has secured an impressive US$900 million in funding from prominent investors, such as Alibaba Group Holding and IDG Capital. The substantial investment is aimed at bolstering its robotics unit, even though the company reported a widening second-quarter loss during the same period.
The latest round of funding valued subsidiary Dogotix at US$6.3 billion, making it the most significant private-equity deal involving a Chinese robotics company to date. Xpeng's CEO, He Xiaopeng, expressed optimism about the company's future in the competitive field of embodied artificial intelligence, stating that Xpeng intends to become a leading force in the development and commercialization of advanced general-purpose humanoid robots and autonomous driving technologies in China and abroad.
The additional capital will facilitate Xpeng's growth in robot development and production, as well as support its expansion in foreign markets. The investment will also allow Xpeng to enhance its technological capabilities and strengthen its position as a potential Tesla competitor in both the EV and robotics sectors.
Written by urgent.news from South China Morning Post's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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