Xpeng President Brian Gu Hong-Di. Photo credit: World Economic Forum / Sikarin Thanachaiary, under Creative Commons license

Chinese tech giant Alibaba is apparently ponying up more cash for Xpeng Motors, a Chinese electric vehicle upstart that it’s already backed to the tune of tens of millions. According to sources, the Chinese tech giant is participating in an additional $300 million funding round for Xpeng alongside the Qatar Investment Authority, notably just weeks after Xpeng announced it had secured $500 million in new funding. Alibaba is backing the electric car maker in what’s likely to be its last private financing round before a public listing. Xpeng has reportedly already filed confidentially for a public listing in the US.

Xpeng was founded only in 2014 but has already begun delivering not one but two electric car makes to customers. The company has released an SUV, called the G3, and a sedan called the P7, with its operations backed by more than $2 billion in known funding so far.