BEIJING: Xpeng, a Chinese electric car manufacturer that raised US$1.8 billion from a Hong Kong IPO on Wednesday (July 7), said it will create future models based on product platforms built for foreign markets. The seven-year-old manufacturer, led by former Alibaba executive He Xiaopeng, is exploring smart car technology such as a smart cabin and autonomous driving. It sells the P7 and P5 cars, as well as the G3 sport utility vehicles.
In two years, Xpeng will launch a new product platform that would allow it to produce many models of various segmentations and sizes, He told Reuters in an interview.
“The platform will be aimed at the worldwide market,” he explained, “which means we’ll take into account global auto regulations as we develop it.” Xpeng, like rivals Nio and BYD, is growing global sales by sending cars to Norway, where electric vehicle rules are favorable. Xpeng manufactures its vehicles in two Chinese factories and is currently constructing two more. Zhaoqing is increasing manufacturing hours, according to He. According to its prospectus, Xpeng is developing an SUV model for next year. “Between 2025 and 2030, China’s auto business may resemble the current smartphone market, which is dominated by a few competitors,” said He, who previously launched a smartphone software company.
Xpeng plans to continue developing smart car technology, as well as a flying automobile capable of driving on roadways, without specifying a timeline. A vertical take-off and landing (VTOL) prototype is currently being tested by the business. Because it has only been listed in New York for less than two years, Xpeng chose a dual primary listing over a secondary listing. According to the exchange’s rules, the dual primary listing permits qualified Chinese investors to participate through the Stock Connect regime, which connects the mainland Chinese and Hong Kong markets./n
