Xpeng Announces Expansion Plans Amidst Fierce Competition in China's Electric Vehicle Market

Despite the ongoing storm of layoffs plaguing many industries into the early months of this year, Xpeng remains undeterred. The Chinese electric vehicle giant, often dubbed as 'Tesla China,' has unveiled plans to hire 4,000 new employees.

This information surfaced in a letter from CEO He Xiaopeng to his employees, where he also acknowledged the onset of fierce competition within the industry this year.

"This year marks the beginning of intense competition that may end in 'bloodshed' (or I prefer to call it 'brutal survival of the fittest') among China's carmakers," Xiaopeng quoted by CNBC International, Wednesday (21/2/2024).

Despite facing considerable competition, he exudes confidence in his company's capabilities, stating that Xpeng will emerge victorious in this fierce competition.

"Xpeng has been in a fierce competition since the beginning, so it has accumulated a lot of experience. I believe our courage, resilience, and perseverance will lead to victory," he remarked.

In addition to bolstering its human resources, Xpeng also plans to make massive investments in AI, amounting to 3.5 billion yuan for research and development focused on 'smart driving.'

Furthermore, Xpeng intends to launch approximately 30 or more cars over the next three years. This plan is set to unfold gradually.

To kickstart 2024, the company plans to introduce several models, with prices ranging from 150,000 yuan to over 300,000 yuan.

Xpeng can already breathe a sigh of relief as its car deliveries have seen an uptick. Previously, the company, along with other electric car manufacturers, found themselves embroiled in a price war triggered by the US giant, Tesla.

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