Xpeng Motors latest electric car is called the P7.
Xpeng Motors, one of Tesla‘s rivals in China, is in talks to raise around $300 million in funding ahead of an initial public offering (IPO) in the U.S., two sources familiar with the matter told CNBC.
Qatar’s sovereign wealth fund, the Qatar Investment Authority, is one of the investors in the funding round, the sources said.
The final amount raised might be higher than $300 million as a number of investors are still in discussions to put money into Xpeng, the sources, who wanted to remain anonymous because the discussions are private, added.
Xpeng Motors declined to comment. The Qatar Investment Authority was not immediately available for comment when contacted by CNBC.
The electric carmaker’s latest cash injection is part of the same $500 million round of funding it raised earlier this month from investors including Aspex, Coatue, Hillhouse Capital and Sequoia Capital China. And it follows a $400 million investment in…