Xpeng Motors starts building second complete vehicle manufacturing base
Shanghai (ZXZC)- EV startup Xpeng Motors celebrated on September 28 the first spade cut for its ICV intelligent manufacturing base at Guangzhou Knowledge City (called “Guangzhou base” for short), its second complete vehicle production plant following the Zhaoqing-based one, according to a local media outlet.
Meanwhile, the EV manufacturer announced the cooperation agreement signed with Guangzhou GET Investment Holdings Limited, who will provide 4 billion yuan ($586,562,000) worth of fund for Xpeng Motor speeding up business expansion, including constructing new intelligent manufacturing base in Guangzhou Economic and Technology Development Zone (called “Guangzhou Development Zone” for short) and purchasing relevant facilities.
The construction of the Guangzhou base is set to be completed at the end of 2022. With five cutting-edge workshops including stamping, welding, painting, final assembly, and battery pack production, the new base will work on the R&D of new vehicle models and the production and sale of complete vehicles.
According to the local media report, Xpeng Motors wishes to build in Guangzhou Development Zone an industrial chain fully covering investment, R&D, production, sale and other links, and make its smart mobility service, vehicle R&D and testing businesses deployed across the country.
(Xpeng P7; photo source: Xpeng Motors)
The Guangzhou-headquartered startup revealed in June an exclusive inside view into its first self-built wholly-owned factory in Zhaoqing, Guangdong province, the birthplace of the all-electric sports sedan Xpeng P7.
On May 19, 2020, the Zhaoqing factory received the official production license from China's Ministry of Industry and Information Technology.
Last month, Xpeng Motors became the third Chinese EV startups going public on U.S. capital market. Under the ticker “XPEV”, the company announced the pricing of its initial public offering of 99,733,334 American Depositary Shares (“ADSs”) at a price of $15.00 per ADS. The gross proceeds from the offering would be approximately $1.5 billion.