Xpeng's Robotics Unit Dogotix Raises US$900M to Challenge Tesla in Embodied AI
On Monday, Xpeng, a Chinese electric vehicle manufacturer, revealed that its robotics division, Dogotix, has successfully secured US$900 million in a funding round, valuing the company at US$6.3 billion. This investment, which is the largest single private-equity transaction for a Chinese robotics firm, saw participation from major investors such as Alibaba, Tencent, IDG, and Gaorong Ventures, who collectively contributed US$600 million, while Xpeng itself invested US$200 million. The new funds aim to enhance Xpeng's competition with Tesla in humanoid robot development, capitalizing on global interest in embodied AI. Xpeng's co-founder and CEO, He Xiaopeng, expressed optimism about establishing a leading humanoid robotics firm in China and advancing global physical AI initiatives. Additionally, Xpeng reported a net loss of 1.34 billion yuan (US$199.4 million) for Q2, a 179% increase from the previous year, while revenue rose 8% to 19.7 billion yuan.
Key facts
- Dogotix, a subsidiary of Xpeng, raised US$900 million in a funding round.
- The funding round valued Dogotix at US$6.3 billion.
- Backers include Alibaba, Tencent, IDG, and Gaorong Ventures, investing a combined US$600 million.
- Xpeng itself pledged US$200 million.
- This is the largest single private-equity deal involving a Chinese robotics maker.
- Xpeng's net loss for Q2 ending June widened 179% year-over-year to 1.34 billion yuan (US$199.4 million).
- R&D costs jumped 32.1% in the quarter.
- Revenue rose 8% to 19.7 billion yuan year-on-year.
Entities
Artists
- He Xiaopeng
Institutions
- Xpeng
- Dogotix
- Alibaba
- Tencent
- IDG
- Gaorong Ventures
- Tesla
Locations
- China