Shanghai (ZXZC)- XPeng Inc. announced on March 15 it has signed an agreement with Guangdong Yuecai Investment Holdings Co., Ltd. (“Yuecai”), the investment arm of the Guangdong provincial government, for a strategic investment worth 500 million yuan ($76.872 million).

XPeng, Yuecai signing agreement; photo credit: XPeng

Pursuant to the agreement, Yuecai will pour the capital into Guangzhou Chengxingzhidong Automotive Technology Co., Ltd., a subsidiary of XPeng Inc., through the Guangdong Industrial Development Fund, to help the EV manufacturer further expand business.

“This investment from the Guangdong provincial government reinforces our commitment to driving Smart EV transformation with technology and data, and to building a comprehensive EV infrastructure in the fastest-growing areas of China,” said He Xiaopeng, Chairman and CEO of XPeng.

The Guangzhou-headquartered EV startup announced last week its cumulative deliveries had exceeded 50,000 units.

Last year, XPeng saw its annual deliveries surge 112.5% to 27,041 units, according to the company's latest financial results. Notably, the deliveries for the fourth quarter, 2020 soared 302.9% year on year to 12,964 units, a highest quarterly number the company ever achieved.

The company has two wholly-owned intelligent manufacturing bases in Guangdong province, one in full operation in Zhaoqing, and the other under construction in Guangzhou. 

On March 12, XPeng founded a sales service subsidiary in Hefei, capital of Anhui province, according to the corporate data platform Tianyancha. Involving a registered capital of 10 million yuan ($1.537 million), the newly-built company is wholly possessed by Xiaopeng Automobile Sales Co., Ltd., a wholly-owned subsidiary of Guangzhou Chengxingzhidong Automotive Technology Co., Ltd. Its business scope extends to cover the sale of new energy vehicles (NEVs), the EV charging service and the car rental service.