Tesla’s Chinese rival Xpeng raises $400 million ahead of U.S. IPO, sources say

Tesla’s Chinese rival Xpeng raises $400 million ahead of U.S. IPO, sources say

Xpeng Motors latest electric car is called the P7.Xpeng MotorsChinese electric car maker Xpeng Motors has raised $400 million ahead of an initial public offering (IPO) in the U.S., two sources familiar with the matter told CNBC. The Tesla rival was in talks to raise $300 million, CNBC previously reported, but an additional investor has come on board, bringing the total to $400 million. This current sum of money is as add-on to $500 million the company raised last month. In addition to existing investors Alibaba and sovereign wealth fund Qatar Investment Authority, Abu Dhabi's sovereign wealth fund Mubadala has also jumped on board as part of the $400 million tranche, the two sources said. Mubadala was not immediately available for comment when contacted by CNBC. The current funding round is close to completion, the sources said. Xpeng's is raising capital ahead of an IPO in