Xpeng Motors is one of Tesla's most important local rivals in China. And its chairman, He Xiaopeng, has Tesla to thank for adding to his wealth.
At an event on January 29, He said he bought shares in several technology companies, including Tesla, when he first entered the new energy vehicle industry, and that his decision at the time made him a lot of money.
"By the end of 2019 to the beginning of 2020, I made enough money to buy two or three planes, but then I've been putting it into my startup," he said at the GeekPark Innovation Conference 2021.
He said that in mid-2020, he expected Tesla's market value would exceed $500 billion, and Tesla's market value reached that level in less than six months.
He believes that in the next 5-10 years, China will also give birth to several companies with a market cap of over $500 billion, including emerging car makers or companies in the related supply chain.
He also mentioned that the pressure on him has increased after Xpeng's IPO. Strategy meetings have been held one after another since last November to discuss how to spend the money well in the next five years.
You can see this video here (in Chinese).
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