Xpeng Motors

Firms like Nio, Li Auto, and Xpeng have since made significant progress to challenge Tesla.

Xpeng Motors’ doesn’t expect the global chip shortage to disrupt its production, providing an opportunity to close the gap on its rivals.

Xiaomi founder Lei Jun would lead the new EV team. He has backed both Nio and Xpeng through his venture capital firm Shunwei Capital.

The Hongguang Mini EV is the cheapest electric car in China.

Li Auto and Xpeng also report record-breaking numbers.

The new capital can fully fund the production of the FF 91 model, the company says.

China’s EV companies have been posting record-breaking sales in the latter half of 2020.

Companies speed up exports with support of governments despite COVID.