XPeng (XPEV) said Monday its robotics division raised over $900 million in a private funding round, valuing the unit at more than $6.3 billion.

The money will fund hardware and software research, artificial intelligence model training, and the construction of mass production facilities, the company said.

The division is building a general-purpose humanoid robot called IRON that uses three artificial intelligence chips and has 76 degrees of movement and is scheduled to enter mass production by late 2026 before launching the following year, XPeng said.

Shares of the company were down over 2% in Monday premarket activity.