(TheConservativeTimes.org) – Xpeng’s CEO recently warned that the competition of electric vehicles could “lead to a bloodbath” and that they will be investing more in AI to compete and hiring another 4,000 people.
He Xioapeng, who is the CEO of Xpeng, which is an electric vehicle company, wrote a letter to its employees that was released on Sunday saying that they would be investing 3.5 billion Chinese yuan, which is about $486.2 million, into their artificial intelligence development and research.
Xpeng is looking to make many different advancements when it comes to technology in the next three years including a launch of 30 different new or upgraded vehicles. This year, it will launch its first models that will be priced at over 300,000 yuan and 150,000 yuan.
The electric vehicle company has had issues when it comes to pricing and technology especially in competition with other Chinese EV companies and Musk’s Tesla. However, the CEO, Xioapeng, is hopeful for his business as he said that they’ve “bottomed out and charted a path that distinguishes” their products from their competition. Singapore’s Xpeng company has been competing from the start with Tesla and they’ve quickly grown to be an established EV brand.
In the employee memo that the CEO of Xpeng wrote to his employees, he stated “This year also marks the beginning of a fierce competition that may end in a ‘bloodbath’ (or as I prefer to call it, the brutal ‘knockout round’) among Chinese auto makers.”
He continued, “XPeng has engaged in this cutthroat competition right from the outset, thus accumulating considerable experience. Our guts, grit and perseverance, I firmly believe, will lead us to victory.”
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