Tesla Is Getting a China Factory. This $4 Billion Startup Will Be Waiting

Henry Xia jumps into the burnt toast-colored electric car he helped build as co-founder of Xpeng Motors Technology Ltd. and commands it to play Green Day’s “21 Guns.” He asks the car about traffic conditions and starts driving. What the four-year-old startup has is backing from tech giants Alibaba Group Holding Ltd., Foxconn Technology Group and Xiaomi Corp. founder Lei Jun. Xpeng expects to raise more than $600 million this month from investors that include Alibaba, valuing it close to $4 billion, according to a person familiar with the fundraising.