Xpeng is Constructing Second EV Plant to Support Expected Growth

Xpeng Inc. Stated on Thursday that it has signed agreement with the city of Wuhan for the construction of a new Smart EV factory. The Xpeng's second production facility will have an annual capacity of 100,000 vehicles, which will help Xpeng better compete with Tesla and other domestic competitors in electric vehicle market. Xpeng said the plant will cover a planned area of more than 733,000 square meters and will include vehicle and powertrain manufacturing, as well as R&D facilities. Xpeng shipped 12,964 electric vehicles in the fourth quarter of 2020, an increase of 302.9% from 3,218 vehicles in the same period in 2019 and an increase of 51.1% from the 8,578 vehicles sold by the company in the third quarter of 2020.