From Nasdaq:

Chinese electric vehicle maker Xpeng plans to hire 4,000 employees this year and invest millions in artificial intelligence to compete in the country’s auto market. The company will expand its workforce by 25%, investing 3.5 billion yuan in AI research and development. Xpeng is aiming to release 30 new products or revised models within three years, and its Chief Executive He Xiaopeng is optimistic about the company’s future prospects.

According to He, 2024 will be the first year of the “knockout round” for Chinese auto brands, and Xpeng aims to enter a high-speed positive cycle in the fourth quarter or earlier. The company’s expansion plans contrast with rivals that are cutting costs in response to faltering demand in the world’s largest auto market.

Chinese automakers are increasingly looking to exports as a driving force for growth, but China’s growing clout as a vehicle exporter is causing frictions abroad. China’s commerce ministry has encouraged the new energy vehicle industry to respond to foreign trade restrictions and work with overseas firms amid a European probe into Chinese subsidies for the sector. Meanwhile, Volkswagen has announced a significant investment in Xpeng, further shaping the company’s growth trajectory.

Xpeng’s 10th year brings growth expectations, with its CEO stating that the company’s performance must more than double in 2024. The company’s ambitious plans are part of its strategy to thrive in a competitive market.



Read more: Chinese EV maker Xpeng to hire 4,000, invest in AI