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EV maker Xpeng plans new plant with local government financing

Published 09/27/2020, 11:03 PM
Updated 09/27/2020, 11:05 PM
© Reuters. An XPeng Inc. P7 performance electric vehicle outside the New York Stock Exchange (NYSE) ahead of the Chinese company's IPO in New York

BEIJING (Reuters) - Electric vehicle maker Xpeng Inc (N:XPEV) said on Monday it would start building a new car plant in China's southern city of Guangzhou with 4 billion yuan ($590 million) in financing from the local government.

Xpeng, listed in New York and headquartered in Guangzhou, will start making cars at the factory from the end of 2022. It is already makes P7 sedans and G3 sport-utility vehicles in two existing factories in China.

© Reuters. An XPeng Inc. P7 performance electric vehicle outside the New York Stock Exchange (NYSE) ahead of the Chinese company's IPO in New York

The Guangzhou city government will provide the financing to Xpeng to build the new plant in the area, Xpeng said in a statement. The new plant will have an annual car manufacturing capacity of 100,000 vehicles.

Latest comments

Why not on Nio?
Chinese cities can finance new companies while US cities are bankrupt.
buyin more, nice.
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