As China returns to work after the Lunar New Year break, XPeng Motors, a prominent Chinese EV brand, is gearing up for massive expansion. In an internal letter, XPeng Chairman and CEO He Xiaopeng outlined plans to introduce approximately 30 new and updated EV models over the next three years. These models will cover a wide price range, bridging the gap between $14,000 and $56,000 vehicles in China.
Established in 2014, XPeng Motors has rapidly risen to prominence in the Chinese EV market, competing with industry giants like NIO and BYD. The company has also expanded its presence in Europe while strengthening its EV lineup in China with new models such as the G9 and the X9 multi-purpose vehicle.
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While XPeng has ventured into advanced air mobility with its AeroHT project, aiming to develop flying cars, its main focus remains on expanding its EV portfolio in China and other markets, excluding the US for the time being.
XPeng’s ambitious expansion plans signal its determination to compete in an increasingly intense Chinese EV industry. Xiaopeng characterized 2024 as a year of fierce competition among local automakers, describing it as the segment’s first “elimination round.”
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To support its expansion, XPeng plans to hire about 4,000 new employees and increase its research and development budget by over 40% year-over-year. The company aims to enhance its smart driving technology and invest heavily in artificial intelligence to support advanced driver-assistance systems (ADAS) in its new EVs. Additionally, XPeng is integrating its marketing strategies for cars, internet services, and smartphones to establish itself as a top player in the industry.
