First funding round for XPeng's humanoid division at a valuation of $6.3 billion

XPeng's humanoid robot division, operating under the name Dogotix, has raised more than $900 million in its first funding round, giving it a post-money valuation of over $6.3 billion. The round was led by IDG Capital, with participation from Alibaba and Tencent, among others. Underwriters were granted an option for an additional $15 million injection, and investors were given future options that could bring the company an additional $500 million.

XPeng's core business, electric vehicles, disappointed investors with a weak forecast. The company ended the second quarter with revenue of 19.74 billion yuan ($2.91 billion), an 8% growth compared to the same quarter last year but below analysts' expectations of $2.95 billion. The quarter closed with a deepening loss to 1.34 billion yuan ($200 million), 2.8 times the loss in the same quarter last year, which stood at 480 million yuan.

According to the forecast published by XPeng for the current quarter, revenue will be in the range of 21.7-23.4 billion yuan. Market expectations are at 26.61 billion yuan. The relatively weak forecast is mainly due to supply chain difficulties. Even more concerning, the company issued a forecast that it will deliver 115,000-121,000 vehicles in the current quarter, about 20% lower than market forecasts, which stand at around 150,000 vehicles.