Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.
Chinese Electric vehicle firm Xpeng’s (NYSE: XPEV) share price is gaining on Thursday after the company revealed it has entered into a cooperation agreement with the City of Wuhan, China, to build a new manufacturing base.
The new facility would have an annual capacity of 100,000. The company recently revealed it delivered 5,102 vehicles in March 2021, with cumulative deliveries standing at 50,000.
Xpeng said it will commence construction of the new base supported by the Wuhan government. It will cover an area of 733,000 square metres and feature manufacturing and powertrain plants, as well as R&D facilities.
“Smart EVs are booming in popularity in China. We have a long-term strategic roadmap to embrace the sector’s transformation. Expanding our capacity in key hubs like Wuhan plays a critical role,” said He Xiaopeng, Chairman and CEO of XPeng.
“Wuhan’s strategic location as an auto manufacturing and distribution hub will further enhance our supply chain management, sales and distribution network in the future,” Xiaopeng continued.
Xpeng shares have climbed 2.41% on Thursday to $34.89 per share.
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