Xpeng will spend RMB 3.5 billion ($480 million) in 2024 on R&D of AI technology around smart driving and recruit 4,000 new professionals.
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Xpeng will reportedly use batteries from BYD in its Mona sub-brand. Aonther report earlier this month said Nio's Onvo sub-brand would use BYD batteries.
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Xpeng will launch a new brand in the next month, targeting markets priced between RMB 100,000 and RMB 150,000, the company's CEO said.
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The Mona project will be the start of a second, or even third, brand for Xpeng, which will be predominantly aimed at general customers but also corporate customers, Xpeng's CEO said.
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The Mona project will be aimed at both corporate and general consumers, but it's uncertain whether Xpeng will create an entirely new channel for the project, according to local media.
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