China's Xpeng Motors raised 4 billion yuan ($587 million) in its latest fundraising round, valuing the electric car start-up at nearly 25 billion yuan, the company announced on Thursday.

China-based private equity firm Primavera Capital Group led the fundraising with venture capital investor Morningside Venture Capital and He Xiaopeng, Xpeng's chairman and chief executive officer.

Hillhouse Capital Group, which is finalizing a new private equity fund that could become one of the biggest in the region, also participated in the fundraising.

Xpeng has raised more than 10 billion yuan from investors so far, the company said, including the fundraising round in January led by Alibaba Group Holding and Foxconn Technology Co.

Alibaba also participated in an earlier round in December.