China's Tesla rival Xpeng Motors raises $500 millionJuly 20, 2020 - 16:28 AMT PanARMENIAN.Net - Chinese electric car company Xpeng Motors has raised fresh funding as competition continues to heat up in China’s so-called new energy vehicle market, CNBC reports. The $500 million funding came from a group of investors including Aspex, Coatue, Hillhouse Capital and Sequoia Capital China. It follows a $400 million cash injection in November from investors that included Chinese smartphone maker Xiaomi. China’s electric vehicle sector has been hit hard by the coronavirus pandemic. Sales of new energy vehicles fell 33.1% year-on-year in June, according to data from the China Association of Automobile Manufacturers. However, sales have been rising month-on-month as the Chinese economy shows signs of rebounding. Earlier this year, the Chinese government unveiled policies it hoped will stimulate the electric car market. It said new energy vehicle subsidies and tax break policies that had been set to expire this year were extended to 2022. And charging infrastructure around the country got a 2.7 billion yuan ($385.7 million) injection. China’s favorable policies toward the electric car market have helped spawn dozens of domestic brands and fueled intense competition. This month, Xpeng Motors started deliveries of its new P7 sedan — which is seen as a competitor to Tesla’s Model 3. In January, Tesla began rolling out Model 3 cars made in its Shanghai factory to customers in China. Top stories Azerbaijani President Ilham Aliyev arrived in Moscow on April 22 to hold talks with Russian counterpart Vladimir Putin. Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". Partner news | Pashinyan’s spokesperson denies intention to visit Baku for COP29 Pashinyan’s agenda doesn’t include a trip to Baku for the COP29 conference, his press secretary Nazeli Baghdasaryan has said. Lithuania sending €100,000 to help Armenia fight floods consequences Armenian Prime Minister Nikol Pashinyan took to social media to thank his Lithuanian counterpart for the contribution. Armenia: Rescue workers restore pedestrian bridge for flood-hit community Rescue workers on Wednesday, June 5 restored a pedestrian bridge in the town of Alaverdi in Armenia’s north. Turkey condemns Uruguay’s recognition of Armenian Genocide Turkey has condemned a newly passed law in Uruguay that recognizes the Armenian Genocide, TRT reports. |