Chinese EV maker XPeng Motors has set up a new company in Hefei, home of NIO China's headquarters, with a registered capital of RMB 10 million yuan ($1.53 million), according to data provider Qichacha.
The company is called Hefei Pengzhi Automotive Sales & Service Co. and is wholly owned by XPeng.
Its business scope includes new energy vehicles, new energy vehicle electric accessories, motor vehicle charging sales, motor vehicle testing services, shared car rental services, auto market management services, motor vehicle public parking services and motor vehicle spare parts market management services.
XPeng is a Chinese electric car manufacturer and the first car company after Tesla to announce its intention to achieve full-stack self-developed autonomous driving.
The company has launched Navigation Guided Pilot (NGP) with user mileage of more than 1.13 million kilometers, according to its February report.
This comes just 25 days after XPeng pushed an OTA update to P7 models and opened up the NGP (public beta) feature to users on Jan. 26.
XPeng launched XPilot 3.0 in January 2021 with a current penetration rate of 20 percent; a third production model with XPilot 3.5 is scheduled for delivery in the second half of 2021, and the company plans to launch a fourth model deploying XPilot 4.0 in 2022.
XPeng recently announced financial results showing deliveries of 27,041 units in 2020, up 112.5 percent year-on-year.
The company's total revenue reached RMB 5.844 billion yuan last year, up 151.8 percent year-on-year. Its gross margin for the year was 4.6 percent, up 28.6 percentage points from the previous fiscal year, and it achieved a positive annual gross profit for the first time.