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XPeng was co-founded in 2014 by Xia Heng and He Tao, former senior executives at GAC Group with expertise in automotive technology and research and development. Initial backers included: the founder of UCWeb and former Alibaba executive He Xiaopeng, namesake and current Chairman of XPeng, and Lei Jun, the founder of Xiaomi. Prominent Chinese and international investors included Alibaba, Foxconn and IDG Capital. A further funding round in 2018 saw Alibaba's vice president Joseph Tsai join the corporate board of XPeng.XPeng's subsidiary in the United States, XMotors.ai held a permit for testing self-driving cars from the California Department of Motor Vehicles starting in September 2018. The permit was revoked in February 2020 due to XPeng's failure to submit a disengagement report. XPeng Motors then received a renewed Autonomous Vehicles Testing Permit from the California Department of Motor Vehicles in March 2020.
XPeng started production of its first model, the XPeng G3 SUV, in November 2018. It launched the G3 in December 2018 at the 2018 Consumer Electronics Show in Las Vegas.Its second model, the P7, a four-door electric sedan, premiered in April 2019 at the 2019 Auto Shanghai show and started deliveries to customers in June 2020.In May 2019, XPeng launched a vehicle for hire company with its own vehicles to serve Guangzhou.In November 2019, XPeng raised US$400 million in a third fundraising round, which saw Xiaomi join as a strategic investor of XPeng. In July 2020, XPeng raised US$500 million from a group of investors including Aspex, Coatue, Hillhouse Capital and Sequoia Capital China. In August 2020, XPeng raised an additional US$400 million from a group of investors including Alibaba, Qatar Investment Authority and Abu Dhabi's sovereign wealth fund Mubadala. On 27 August 2020, XPeng raised US$1.5 billion with an IPO on the New York Stock Exchange, where its shares climbed more than 40% on the first day of trading. In March 2021, the company received a US$76.9 million funding from Guangdong Yuecai Investment Holdings Co. As of May 2021, 23% of XPeng shares are owned by He Xiaopeng, and 12% by Alibaba Group.In the third quarter of 2021, revenue for XPeng rose over 500% compared to the year before. It had also increased its R&D team by about a third since the year before.In 2021, for the first time, XPeng started exporting its flagship P7 sedan. Its first international market was Norway, starting in August. In August 2021, the company's P5 subcompact sedan became able to read traffic lights. In September 2021, XPeng brought its P5 to market. It is the first production car to be equipped with lidar sensors for advanced driver-assistance systems .In October 2021, XPeng's subsidiary HT Aero announced $500 million in funding and the design for a flying car with a planned launch in 2024.
