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Alibaba-backed Xpeng gets production license for Zhaoqing car plant

Published 05/19/2020, 12:36 AM
Updated 05/19/2020, 12:40 AM
© Reuters. People look at XPeng's P7 sedan model displayed at the Guangzhou auto show in Guangzhou

BEIJING (Reuters) - Chinese electric vehicle (EV) manufacturer Xpeng, backed by Alibaba Group Holding Ltd (N:BABA) and Xiaomi (OTC:XIACF) Corp (HK:1810), said on Tuesday it has production license for its fully-owned Zhaoqing car plant.

The plant, in China's southern city of Zhaoqing, is initially making Xpeng's new P7 electric sedan model. The Guangzhou-based company is also building G3 sport utility vehicles in Zhengzhou, which is jointly built by Xpeng and Haima Motor.

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Congratulations to Musk! There is no company, that has built a factory in China and its technologies have not been stolen! Now Tesla shares can safely reach their normal level of 150-250 USD.
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