China-based electric vehicle manufacturer Xpeng Motors has secured USD400 million in a Series C financing round led by China-based electronics producer Xiaomi. Other investors in the funding round reportedly include the company’s existing shareholders, such as venture capital fund managers Morningside Ventures and Matrix Partners. The company, which recently released the 2020 model of its G3 smart SUV vehicle, will use the new partnership with Xiaomi to support the development of internet of things and other intelligent hardware technologies.