Chinese EV maker Xpeng could consider acquiring smaller rivals to expand capacit...

Chinese EV maker Xpeng could consider acquiring smaller rivals to expand capacity- PingWest

Chinese EV maker Xpeng could consider acquiring smaller rivals to expand capacity

6 hours ago

Chinese electric vehicle maker Xpeng would consider acquiring smaller rivals to expand production capacity in the near future, according to Xpeng’s president Brian Gu.

Detail:

Brian Gu said in a conference call that Xpeng could get more capacity in a year or two through merger& acquisition.

Meanwhile, Xpeng has launched its third production model and second sedan P5 whose premium edition-550p, 600p equip with LiDAR technology. Xpeng will price the P5 sedan between 157,900 yuan and 223,900 yuan.

It is worth noting that the vehicle will be fitted with the XPILOT 3.5 intelligent driver-assistance system in early 2022 after software updates. The intelligent assistance system enable autonomous driving feature that can handle several city-level scenarios, including self-parking and the self-awareness of traffic lights.

Guangzhou based Xpeng, which went public in New York last year, has a market capitalisation of USD32 billion. It manufactures two sedan models-p5, p7 and one sport-utility vehicle model at two domestic factories.

According to the exchange filing, Alibaba held about 178.62 million class C shares of the company, which is equal to 11.1 percent of its total issued share capital.

Xpeng delivered 7,214 cars in August, surging 172% from the same period of last year, making it the second highest deliveries of Chinese EV companies after Li Auto.  

In April, Xpeng has inked a deal with the Wuhan government to build an EV manufacturing base in the city, which will further boost the company’s production capacity in the near future.

 Xpeng also announced a plan to accelerate its foray into European market. In the first quarter, the company has delivered more than 300 units of Xpeng G3 SUV to Norway. Xpeng expects to begin deliver more vehicle model such as it P7 sedan to Norway in the second half of 2021.

SHARE