Chinese electric car company Xpeng Motors (NYSE: XPEV) has established a new affiliated company with a registered capital of RMB 50 million ($7.7 million), whose main business includes the research, development, and manufacturing of automotive parts.

According to data provider Qichacha, on January 14, Xpeng affiliate Guangzhou Xiaopeng Automotive Technology invested and established Guangzhou Zhipeng Manufacturing Co.

The new company has a registered capital of RMB 50 million, with legal representative Xia Heng, co-founder of Xpeng, and is registered in Guangzhou, Guangdong Province.

The company's business scope includes general parts manufacturing; automotive parts research and development, manufacturing, retail and wholesale; electrical equipment repair; intelligent vehicle equipment manufacturing; battery manufacturing and sales; power electronic components manufacturing and sales; automotive decoration products sales; Internet of Things equipment manufacturing; Internet of Things technology services and new energy vehicle power exchange facilities sales.

Guangzhou Xiaopeng Automotive Technology is a subsidiary of Xpeng, in which Guangdong Xpeng Motors Technology Company Limited holds over 99% of the shares. Currently, Xiaopeng Automotive has a total of nine subsidiaries, including Zhaoqing Xpeng Motors Limited, Xpeng Motors Sales Company, and Guangzhou Zhipeng Manufacturing Company Limited, five of which are wholly owned.

In December 2020, Xpeng delivered 5,700 units, up 35% from November, and fourth-quarter deliveries exceeded third-quarter earnings estimates by nearly 30%.

For the full year 2020, Xpeng delivered a total of 27,041 new vehicles, an increase of 112% year-on-year.