XPeng Signs Agreement for Zhaoqing Smart EV Manufacturing Base Phase Two Expansion Project, Boosting Annual Design Production Capacity from 100,000 to 200,000 Units

Rhea-AI Summary

XPeng Inc. (NYSE: XPEV) has commenced the Phase Two expansion of its Zhaoqing Smart EV Manufacturing Base in Guangdong Province. This project, supported by the Zhaoqing Municipal Government, will double the production capacity from 100,000 to 200,000 units annually. The expansion aims to meet the growing consumer demand for XPeng's smart electric vehicles, enhancing its market position. XPeng's ongoing commitment to innovation in autonomous driving technology and smart EVs continues to drive its development strategy.

Positive

• Phase Two expansion will double production capacity from 100,000 to 200,000 units annually.
• Support from the Zhaoqing Municipal Government enhances financial viability.

Negative

• None.

XPeng Inc. (“XPeng” or the “Company”, NYSE: XPEV; HKEX: 9868.HK), a leading Chinese smart electric vehicle (Smart EV) company, announced today it has signed an agreement with the Zhaoqing Municipal Government and the Zhaoqing High Technology Industry Development Zone to build the Phase Two expansion project of the XPeng Zhaoqing Smart EV Manufacturing Base (“Zhaoqing Base”) located in Guangdong Province.

XPeng kicks off Zhaoqing facility phase two expansion project (Photo: Business Wire)

The Company today officially kicked off the Phase Two expansion project at a signing ceremony co-hosted with the Zhaoqing Municipal Government and the Zhaoqing High Technology Industry Development Zone.

Upon completion, the Phase Two expansion project will increase the design production capacity at the Zhaoqing Base from 100,000 units to 200,000 units per annum with the financial and land use support from the local government. The expansion will position XPeng well in capturing the anticipated increasing consumer demand for its smart EVs.

About XPeng Inc.

XPeng is a leading Chinese smart electric vehicle company that designs, develops, manufactures, and markets Smart EVs that appeal to the large and growing base of technology-savvy middle-class consumers in China. Its mission is to drive Smart EV transformation with technology and data, shaping the mobility experience of the future. In order to optimize its customers’ mobility experience, XPeng develops in-house its full-stack autonomous driving technology and in-car intelligent operating system, as well as core vehicle systems including powertrain and the electrification/electronic architecture. XPeng is headquartered in Guangzhou, China, with main offices in Beijing, Shanghai, Silicon Valley and San Diego. The Company’s Smart EVs are manufactured at its plant in Zhaoqing, located in Guangdong province. For more information, please visit https://en.xiaopeng.com.

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View source version on businesswire.com: https://www.businesswire.com/news/home/20210818005311/en/

FAQ

What is the significance of XPeng's Phase Two expansion project?

The Phase Two expansion will increase XPeng's production capacity from 100,000 to 200,000 units per year, crucial for meeting rising consumer demand.

When did XPeng announce its Phase Two expansion?

XPeng announced the Phase Two expansion on August 18, 2021.

What support did XPeng receive for its expansion project?

The expansion project received financial and land use support from the Zhaoqing Municipal Government.

How does the expansion affect XPeng’s market position?

With increased production capacity, XPeng aims to better capture the growing demand for its smart electric vehicles.