XPeng Inc., a leading Chinese smart electric vehicle company, has announced plans to construct a new Smart EV manufacturing base in the Guangzhou Economic and Technological Development Zone. According to the terms of the Cooperation Agreement, the local government in Guangzhou will provide RMB4 billion ($590 million) in financing to help fuel XPeng’s growth.
The new manufacturing base will provide a comprehensive range of facilities for R&D, manufacturing, vehicle testing, sales and other smart mobility functions.
The company says it will significantly expand the company’s production capacity and accelerate XPeng’s momentum to achieve its goals in innovation, technological advancement and growth.
He Xiaopeng, Chairman and Chief Executive Officer of XPeng, says: “We are very excited to be selected as a key player in the Guangzhou Economic and Technological Development Zone. With the strong support from the Guangzhou government, we are confident we will execute on our strategic growth initiatives and deliver the highest quality products and services to meet our customers’ needs.”
The Smart EV Manufacturing Base is expected to commence production by December 2022.
XPeng is headquartered in Guangzhou, China, with offices in Beijing, Shanghai, Silicon Valley, and San Diego in the U.S.