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New Chinese EV startup worths $3.6 billions

How deeply convinced investors are of the strength of China’s electric vehicle market? They’ve put hundreds of millions of dollars into EV startups that have yet to mass produce their vehicles.

The latest example is Xiaopeng Motors, an Alibaba-backed EV startup that completed a four billion yuan ($580 million) funding round last week. The latest investment has given the 4-year-old EV carmaker a market valuation of more than 25 billion yuan ($3.6 billion). But the company hasn’t yet delivered a single vehicle to its customers, who have pre-ordered more than 6,000 of its G3 electric sports utility vehicle since pre-sales began earlier this year. Xiaopeng, also known as Xpeng, said it expects to deliver at least a thousand (link in Chinese, paywall) of the SUVs by the end of this year.



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