Posted 2/20/2024, 10:43:49 AM
Xpeng Plans $486M Spending Spree to Develop Smart EVs Amid Fierce Competition
- Chinese EV maker Xpeng plans record $486 million capital expenditure in 2024 to develop intelligent cars amid fierce competition
- Xpeng founder warns of "new phase of bloodbath" as over 200 EV makers compete in China market
- Xpeng aims to launch 30 new models over next 3 years and hire 4,000 new employees this year
- Xpeng developing mass-market EVs priced around $21,000 and premium models over $43,000
- Artificial intelligence a priority for Xpeng to make EVs more efficient, convenient and accessible