Xpeng Hires 4000 People, Expands to New Markets

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Xpeng, a producer of electric vehicles (EVs), has announced dealer agreements in a further five nations, extending its global reach beyond Israel and Europe. With branded showrooms, the company has opened dealerships in the United Arab Emirates, Egypt, Azerbaijan, Jordan, and Lebanon to sell its electric cars (EVs) to local consumers. This year also marks the planned expansion into European markets, namely Germany, the UK, Italy, and France.

In addition to investing in artificial intelligence technology and hiring 4,000 additional staff, the business gave a warning that the fierce rivalry in the electric vehicle market could result in a “bloodbath.” According to Xpeng CEO He Xiaopeng, the business will allocate 3.5 billion Chinese yuan ($486.2 million) to the study and advancement of artificial intelligence technologies centred around “intelligent driving.” Xpeng’s cars can perform certain tasks semi-autonomously thanks to a driver aid system dubbed Xpilot.

Xpeng has seen deliveries increase again following a difficult start to the previous year, after an EV price war in China that was ignited by Tesla which has seen companies now price new models for as low as 100,000 yuan. Xpeng is anticipated to introduce about thirty new or updated models over the next three years. This represents a significantly large increase in the rate of design of new models which will be supported by the company’s increased capital expenditure and headcount.

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E.F Team https://eastern.finance

Our team at Eastern Finance is made up of young and knowledgeable professionals who are here to provide you with business news from an eastern perspective.

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