Chinese EV maker Xpeng’s robotics company raises $100 million

XPeng is nonetheless focused in boosting the revenue of its electric powered vehicles. But it has been concentrating on making out upcoming enterprises in flying cars and robotics.

Qilai Shen | Bloomberg | Getty Pictures

XPeng Robotics, the affiliate business of Chinese electrical carmaker XPeng, on Tuesday claimed it lifted $100 million as section of its intention to commercialize domestic robotics in the next two a long time.

The financing was led by higher-profile venture capital organization IDG Money, with XPeng also taking part.

XPeng Robotics explained in a push launch that the dollars would be made use of to bolster its research and improvement expense in robotic components and program, recruit expertise, accelerate item improvement and increase technology and solution competitiveness.

The business stated it expects its 1st robots to enter households in the next two many years.

Read through a lot more about electric powered automobiles from CNBC Pro

He Xiaopeng, CEO of XPeng, sees robotics and passenger drones as an extension of the company’s emphasis on transportation.

“With the advancement of technological innovation, the kind of mobility will evolve from wheels to wings, propellers, 4 legs or 2 feet,” he told CNBC previous year in an job interview.

XPengis not the only electric carmaker relocating into robotics. U.S. rival Tesla is doing the job on a humanoid robotic named Optimus which the organization reported could go into generation upcoming 12 months.