Tuesday, September 21, 2021

Chinese Tesla rival Xpeng expands production capacity as competition heats up - CNBC

Last updated Wednesday, August 18, 2021 03:00 ET , Source: NewsService

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A Xpeng P7 electric car is on display during the 18th Guangzhou International Automobile Exhibition at China Import and Export Fair Complex on November 20, 2020 in Guangzhou, Guangdong Province of China.

VCG | Visual China Group | Getty Images

GUANGZHOU, China — Chinese electric carmaker Xpeng is doubling the production capacity at one of its key plants as competition heats up.

Xpeng said it will increase the planned production capacity of its Zhaoqing manufacturing site from 100,000 cars a year to 200,000. The Zhaoqing plant opened last year, and is located in the southern Chinese province of Guangdong.

Xpeng has looked to boost production capacity by building its own factories. Earlier this year, Xpeng announced a cooperation with the city of Wuhan to build a new manufacturing base there.

Competition is heating up in China’s electric vehicle industry as Xpeng faces challenges from other domestic start-ups including Nio and Li Auto as well as U.S. auto maker Tesla.

Xpeng is looking to expand production for its range of models — the G3 SUV, the P7 sedan and its recently-launched P5.

To fuel expansion, Xpeng, which is already listed in the U.S., carried out a so-called dual primary listing in Hong Kong last month.

In July, Xpeng delivered 8,040 vehicles — a monthly record and a 228% increase year-on-year.

Read Full Story: https://www.cnbc.com/2021/08/18/chinese-tesla-rival-xpeng-expands-production-capacity-at-key-plant.html

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