Chinese Tesla Competitor Xpeng Expands Production

Chinese electric carmaker Xpeng ($XPEV@China) will double the production capacity at one of its key plants. The company will increase the planned production capacity of its Zhaoqing manufacturing site from 100,000 cars a year to 200,000. The Zhaoqing plant opened last year in the southern Chinese province of Guangdong. Xpeng has looked to boost production capacity by building its own factories. Earlier this year, Xpeng announced a cooperation with Wuhan to build a new manufacturing base there. Competition is heating up in China’s electric vehicle industry as Xpeng faces challenges from other domestic startups, including Nio ($NIO@China) and Li Auto ($LI@China), as well as U.S. automaker Tesla ($TSLA@US). In July, Xpeng delivered 8,040 vehicles — a monthly record and a 228% increase year-on-year.