China's Xpeng backed by local government investment fund with undisclosed sum

[BEIJING] Chinese electric vehicle maker Xpeng said on Wednesday (May 27) that it was picked among the first batch to sign on a local government investment fund in the southern province of Guangdong.

The automaker based in the city of Guangzhou which is pivoting towards robotaxis, humanoid robots and flying cars, did not disclose the size of the backing by the investment fund.

“The development of strategic emerging industries relies on ‘patient capital’ that can span economic cycles,” Xpeng founder and chief executive officer He Xiaopeng said in a statement.

The fund tailored for strategic emerging industries, Guangdong’s first corporate-style government investment fund with a perpetual operating structure, has a total planned size of 100 billion yuan (S$18.8 billion).

It has initial registered capital of 50 billion yuan. REUTERS