FILE PHOTO: An Xpeng P5 electric vehicle (EV) is seen displayed during a media day for the Auto Shanghai show in Shanghai, China April 19, 2021. REUTERS/Aly Song
September 15, 2021
DETROIT (Reuters) – Chinese electric vehicle maker Xpeng Inc would consider acquiring less successful rivals to expand production capacity in the future, company President Brian Gu told reporters during a conference call.
Xpeng is building two new factories in China. At the same time, the Chinese government is signaling it wants to see consolidation in the Chinese electric vehicle sector to rein in construction of unproductive factories.
“If we need additional capacity in a year or two…we may think about using M&A as a tool to get more capacity,” Gu said.
(Reporting By Joe White)
Source: One America News Network
