(Source: CnEVPost)
Chinese electric car company Xpeng Motors established a new car sales company on June 18 in Weihai, eastern China's Shandong Province, with legal representative Zhu Yanhua and registered capital of RMB 10 million ($1.55 million), according to data provider Qichacha.
The company is 100 percent owned by Xpeng and its business scope includes new energy vehicle sales, new energy vehicle battery swap facility sales, new energy vehicle used power battery recycling and gradient utilization, and charging pile sales.
Just a day before that, Xpeng set up a car sales company in Yancheng City, eastern Jiangsu Province, with a registered capital of RMB 10 million yuan.
These moves come as the company increases its presence in China. This year alone, Xpeng has set up 13 new companies in China, mostly car sales companies.
At the end of May 2021, Xpeng's cumulative deliveries for the year reached 24,173 units, up 427 percent from the same period last year.
Xpeng expects total deliveries in the second quarter of 2021 to be 15,500 - 16,000 units, with revenues expected to be RMB 3.4 billion to RMB 3.5 billion.
The Xpeng P5 and Xpeng N5 have recently appeared on the Ministry of Industry and Information Technology's product list.
Xpeng said Friday that the G3i, a facelift of its compact SUV G3, will be released in July and deliveries will start in September.
A poster image posted by the company on its official WeChat account shows that the "i" in G3i stands for "intelligence," implying that the model may be significantly optimized for an intelligent experience.
Deutsche Bank analyst Edison Yu's team said in a report last month that Xpeng is poised to see a large increase in vehicle deliveries in the second half of the year, driven by a rollout of models with lithium iron phosphate batteries, a mid-cycle refresh of the G3, and deliveries of the P5 in the fourth quarter, the team said in a research note sent to investors Monday.
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