XPeng and Guangdong Provincial Investment Arm Ink Strategic Agreement
16 March 2021 - 1:57AM
Business Wire
XPeng Inc. (“XPeng” or the “Company”, NYSE: XPEV), a leading
Chinese smart electric vehicle (“Smart EV”) company, today
announced that its subsidiary in China has reached a strategic
cooperation agreement with Guangdong Yuecai Investment Holdings
Co., Ltd. (“Yuecai”), the investment arm of the Guangdong
provincial government. Pursuant to the agreement, Yuecai will
invest a total of RMB500 million, through the Guangdong Industrial
Development Fund, in XPeng’s subsidiary in China to further
accelerate the Company’s business expansion.
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XPeng and Guangdong Industrial
Development Fund signing ceremony (Photo: Business Wire)
The investment recognizes XPeng’s leadership position in the
Smart EV industry in China and its strategy of developing
proprietary R&D tailored for local customer needs. The
investment also acknowledges XPeng’s significant contributions to
local economic development, in particular to the transition of the
automobile sector, developing advanced EV technologies, and
building the connected and intelligent mobility ecosystem and
supply chain, as well as to the local talent base expansion in
Guangdong Province.
The Guangdong Industrial Development Fund promotes high quality
developments in the manufacturing industry with a keen focus on the
strategic development of the automobile industry, one of the
economic pillars of Guangdong. The investment in XPeng creates a
win-win solution, not only enhancing XPeng’s leading role in the
Smart EV sector but also accelerating the automobile industry’s
strategic transition in Guangdong.
Headquartered in Guangzhou, the capital city of Guangdong, XPeng
has a strong foothold in the Province. The Company currently
employs over 5,000 staff, the majority of them based in Guangdong,
and has two wholly-owned intelligent manufacturing bases in the
Province, one in full operation in Zhaoqing, and the other under
construction in Guangzhou.
A key component of China’s Greater Bay Area, Guangdong Province
is the largest contributor to the country’s GDP. In 2020, the GDP
of Guangdong Province exceeded RMB11 trillion, marking its top GDP
ranking in China for 32 consecutive years.
“Guangdong is our birthplace, where we design, innovate,
research and build our products. It has nurtured our growth and
witnessed our progress for the past six years. This investment from
the Guangdong provincial government reinforces our commitment to
driving Smart EV transformation with technology and data, and to
building a comprehensive EV infrastructure in the fastest-growing
areas of China,” said He Xiaopeng, Chairman and CEO of XPeng at the
signing ceremony.
The Guangdong Industrial Development Fund manages RMB50 billion
of assets, focusing on industrial upgrading and reform developments
to foster growth in emerging sectors such as information
technology, high-end equipment manufacturing, new energy and
biomedicine.
About Xpeng
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 offices in Beijing, Shanghai, Silicon Valley
and San Diego. The Company’s Smart EVs are manufactured at plants
in Zhaoqing and Zhengzhou, located in Guangdong and Henan
provinces, respectively. For more information, please visit
https://en.xiaopeng.com.
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Marie Cheung XPeng Inc. Tel: +852-9750-5170 or +86-1550-7577-546
Email: mariecheung@xiaopeng.com
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