Chinese electric car maker Xiaopeng auto raised another $400 million before going to the U.S. IPO, two people familiar with the matter said today. On July 31, it was reported that Xiaopeng Auto plans to raise about $300 million before going to the US IPO and is currently negotiating related matters. A person familiar with the matter said today that the current round of financing of Xiaopeng automobile has reached $400 million due to the new investors. Just last month, Xiaopeng automobile has obtained 500 million US dollars investment in the C + round financing.

in addition to the current investor Alibaba and the sovereign wealth fund “Qatar Investment Authority”, Abu Dhabi’s sovereign wealth fund “Mubadala” has also participated in this round of financing, two people familiar with the matter said today. People familiar with the matter also said that the $400 million round of financing is close to completion.

according to people familiar with the matter, Xiaopeng automobile has secretly submitted its application for IPO in the United States, but has not yet decided which exchange to list on. At the end of July, it was reported that Xiaopeng auto planned to go to the U.S. as early as mid August to raise at least $700 million. Bank of America, Credit Suisse and J.P. Morgan are preparing for the event.

before the IPO of Xiaopeng automobile, Weilai automobile and ideal automobile, two other Chinese electric vehicle manufacturers, have taken the lead in listing in the United States. Moreover, the stock prices of both companies have risen sharply recently. This year, Weilai’s share price has risen 239%. The ideal car, which went public last week, has seen its share price rise 45%. At the same time, Tesla shares are up more than 237% this year.

according to the public data, in the first half of 2020, Xiaopeng auto sold 4698 vehicles, including 1123 in June. Since the launch of Xiaopeng P7 two months ago, the number of insured vehicles in May and June was 166 and 311 respectively.