TECH - 30 New Models 4K Hires: Chinese EV Giant Xpeng Gambles On Innovation Amid 'Bloody Sea' Of Competition | Benzinga
Xpeng Inc. (NYSE:XPEV) is gearing up for significant expansions amid a “bloody sea” of competition in the Chinese electric vehicle (EV) market.
What Happened: On Sunday, Xpeng announced plans to hire 4,000 employees in 2024, representing a 25% increase in its workforce, Reuters reported. This move comes as the company prepares to invest heavily in artificial intelligence (AI) to bolster its position in the cutthroat Chinese EV market.
In a letter to employees, the company’s CEO, He Xiaopeng, revealed that Xpeng will allocate 3.5 billion yuan ($486.36 million) for AI research and development for intelligent driving. This investment is part of a larger strategy that includes launching approximately 30 new or revised products within the next three years.
Despite the challenging macroeconomic climate and a downturn in demand, particularly for homegrown brands, Xpeng remains optimistic about its prospects. Xiaopeng sees 2024 as a pivotal year for Chinese auto brands, expressing confidence that Xpeng will enter a high-speed positive cycle by the fourth quarter.
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