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 upgraded cars over the next three years. This pledge comes after a challenging year, wherein Xpeng’s deliveries had initially struggled but have shown signs of improvement.
The CEO acknowledged the tough competition ahead, stating that this year may mark the beginning of a fierce battle that could potentially end in a “bloodbath” among Chinese automakers. Despite this, he expressed confidence in the company’s ability to navigate the industry’s challenges.
Xpeng’s driver assistance system, Xpilot, allows its vehicles to perform certain functions semi-autonomously, positioning the company as a contender in the rapidly evolving EV market. Furthermore, the company is set to launch its first models in the price segment of over 300,000 yuan and at 150,000 yuan.
The company’s ambitious expansion plans and investment in AI technology underscore the fierce competition in the Chinese electric vehicle sector. Despite the challenges, Xpeng remains optimistic about its future and the potential for success in the EV industry.