A Chinese rival to Tesla said it was increasing investment and hiring thousands of new staff to survive a “bloody sea” of competition.
He Xiaopeng, chief executive of Xpeng, said the Volkswagen-backed company would add 4,000 staff and invest Rmb3.5bn ($486mn) in autonomous driving and artificial intelligence technologies.
However, Guangzhou-headquartered Xpeng “will buck the trend” during a year that was a “knockout round” for Chinese carmakers, He said in a letter to staff published by local media. “Many business partners are pulling back and are afraid to invest . . . This is an opportunity for our development,” He said.
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