Xpeng To Invest 3.5 Billion Yuan in AI Technology: CEO Warns of ‘Bloodbath’ in Electric Vehicle Space
SHANGHAI, China – Electric vehicle maker Xpeng announced plans to expand its workforce by 4,000 people and invest in artificial intelligence technology in the midst of intense competition within the EV industry, according to a letter from the company’s CEO, He Xiaopeng. The company is set to invest 3.5 billion Chinese yuan ($486.2 million) in the research and development of AI technology, focusing on “intelligent driving.” Xpeng also intends to launch approximately 30 new or …