(Aug 24): Xpeng Inc’s robot unit plans to raise US$900 million (RM3.64 billion) from investors including Alibaba Group Holding Ltd and Tencent Holdings Ltd, bolstering the automaker’s push into humanoid robots.

Under the agreement, the company’s Dogotix subsidiary will raise US$600 million from external investors, US$200 million from Xpeng itself and US$100 million from top executives, Xpeng said in a statement on Monday. The funding will value Dogotix at over US$6 billion after the transaction, it said.

The big names involved in the lineup of investors, which include IDG Capital and Gaorong Ventures, are a vote of confidence for Xpeng, which is seeking to expand beyond electric vehicles and into high-tech fields like robotics and flying cars.

If US$500 million of warrants and other options were to be exercised, the fundraising amount would exceed US$1.4 billion, according to the statement.

Xpeng shares, which have fallen about 40% this year, declined 0.9% in Hong Kong on Monday before the announcement.

Uploaded by Arion Yeow