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Chinese EV maker Xpeng to hire 4,000, invest in AI
Reuters
·
1y ago
Medial
Chinese electric vehicle maker Xpeng plans to hire 4,000 new employees and invest in artificial intelligence to compete in the highly competitive auto market. The company aims to expand its workforce by 25% and invest 3.5 billion yuan ($486.36 million) in AI research for intelligent driving. Xpeng also plans to release around 30 new products or revised models within three years. Despite weak demand in the auto market, Xpeng remains optimistic and sees 2024 as a turning point for the Chinese auto brands. Rival automakers are cutting costs, while Xpeng focuses on growth.
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Alibaba trims stake in Chinese EV maker Xpeng for second time in December
Economic Times
·
1y ago
Medial
Alibaba has reduced its stake in Chinese electric vehicle maker Xpeng for the second time in December. This move comes amidst increasing regulatory scrutiny on Chinese tech companies. Alibaba's holding company, AB Cayman, sold around $482 million worth of Xpeng shares, reducing its stake from 4.49% to 3.84%.
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AI titan Nvidia ramps up collaboration with Chinese auto giants
Economic Times
·
1y ago
Medial
Nvidia has expanded its collaboration with Chinese electric car makers, including BYD, to work on the development of autonomous vehicles using AI technology. BYD, the world's largest EV company, will be adopting Nvidia's next-generation AV computer and its all-in-one vehicle control system, DRIVE Thor. Other Chinese EV firms, such as XPeng, Li Auto, ZEEKR, and GAC Aion, have also adopted the Thor platform. Nvidia's infrastructure for cloud-based AI development and training will be utilized by BYD as well. This move strengthens Nvidia's ties with the Chinese EV industry despite restrictions on exporting its powerful AI hardware to China imposed by the US.
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Xpeng to launch cheaper EV brand amid fierce China price competition
Economic Times
·
1y ago
Medial
Chinese EV manufacturer Xpeng plans to launch a more affordable brand of electric vehicles, entering the fiercely competitive segment as the industry faces intense price competition. The new brand's models, set to launch within the next month, will be priced between 100,000 and 150,000 yuan ($14,000 - $21,000), compared to the 200,000-300,000 yuan range typically seen in the premium EV market. Xpeng aims to introduce different models with varying levels of intelligent driving capabilities under the new brand, catering to younger customers. This move comes as China's EV market experiences a slowdown in sales.
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Chinese EV makers challenging market leaders at auto show in Bangkok
Economic Times
·
1y ago
Medial
Chinese electric vehicle makers are gaining traction in Thailand's automotive market, challenging established brands like Toyota, Isuzu, and Ford. Companies like BYD, XPeng, and Great Wall Motors showcased their latest electric vehicle models at the Bangkok International Motor Show. Thailand, with its focus on expanding its EV market, has become a key market for these Chinese automakers. BYD's Dolphin and Seal models, with impressive driving ranges, were featured alongside other Chinese brands such as Hozon Auto and VinFast. Thailand aims to become a hub for EV manufacturing and has seen significant growth in charging infrastructure.
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China's Xpeng revises up 2025 planned hires to 8,000, founder says - The Economic Times
Economic Times
·
23d ago
Medial
Chinese electric vehicle maker Xpeng plans to increase its hiring target from 6,000 to 8,000 in 2023, aiming for a total workforce of nearly 30,000. The expansion focuses on roles in smart driving and large artificial intelligence models, reflecting the company's strategic emphasis on advanced technologies. Founder He Xiaopeng communicated this during an internal speech, emphasizing Xpeng's commitment to ramped-up hiring in key technological areas.
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Elon Musk says Tesla's full self-driving may enter China very soon
Economic Times
·
1y ago
Medial
Tesla CEO Elon Musk has revealed that the company may soon make its Full Self-Driving (FSD) technology available to customers in China. Despite being rolled out four years ago, FSD has not yet been made accessible to Chinese customers, despite demand. This comes as other Chinese automakers, such as Xpeng, are developing their own advanced driver assistance systems similar to Tesla's FSD. Xpeng aims to make its ADAS system available to drivers across China by 2024.
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Everything You Wanted to Know About China’s Auto Industry Takeover
Wired
·
9d ago
Medial
China's automotive industry, bolstered by government support, is emerging as a global leader in electric vehicles (EVs), challenging established brands like Tesla and expanding rapidly into European and Australian markets. Chinese brands like BYD and Xpeng are gaining traction with affordable yet advanced EV models. Meanwhile, Tesla faces issues of brand reputation and an aging fleet. The global shift towards electrification emphasizes the need for improved charging infrastructure, and China is making strides with ultra-fast charging technologies.
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China's Xpeng to acquire Didi's smart EV unit in deal worth up to $744 million
Economic Times
·
1y ago
Medial
Chinese electric car company Xpeng will acquire Didi's smart electric vehicle unit in a deal potentially valued at $744 million. Xpeng's shares rose by around 16% following the announcement. As part of the agreement, Xpeng will launch a new A-class model under a brand called MONA, aiming to expand in the mass-market segment. Didi will support the launch by providing access to its mobility market, and the two companies will explore strategic cooperation in various areas. Didi will also acquire around 3.25% of Xpeng shares, with the deal's value dependent on production and sales targets.
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Chinese ride-hailing app DiDi to become second largest shareholder of state-backed NavInfo unit
Economic Times
·
11m ago
Medial
Chinese ride-hailing company DiDi Global is set to become the second-largest shareholder of AutoAi, a subsidiary of maps firm NavInfo. DiDi will exchange cash and its smart driving and cockpit unit for a 16.5% stake in AutoAi, valuing the subsidiary at 450 million yuan ($63 million). The deal will allow DiDi to step back from electric vehicle manufacturing and focus on its core ride-hailing business. DiDi recently sold its EV development business to Xpeng in exchange for a 3.25% stake in the automaker.
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Chinese EV maker Hozon enters bankruptcy proceedings, state media reports
Economic Times
·
1m ago
Medial
Zhejiang Hozon New Energy Automobile, the Chinese electric vehicle maker behind the brand Neta, has entered bankruptcy proceedings, according to Chinese state media. The company faced a bankruptcy petition filed by a creditor, leading to the closure of several Neta stores in Shanghai. This significant development in the electric vehicle sector follows financial struggles at Hozon, highlighting challenges within the competitive EV market.
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