Xpeng Motors has inked a deal with investors to raise almost $500 million in its latest round of financing, said the Chinese electric car startup on Monday.

Investors include Aspex, Coatue, Hillhouse Capital and Sequoia. Founded in 2015, Xpeng targets China's growing and tech-savvy middle-class customers.

"The investment shows their full confidence in Xpeng's strategies and its long-term vision to become a leading smart electric carmaker," said Xpeng in a statement to China Daily.

Xpeng launched its first model, the G3 compact SUV, in late 2018. Its second model, the P7 four-door coupe, hit the market in April.

Xpeng has been outsourcing vehicle production to Haima Automobile. Its own plant in Zhaoqing, Guangdong province, won the production license in May, which will help Xpeng's development.

Xpeng raised $400 million in November 2019. It delivered 16,608 vehicles that year.