[서화목] Xiaofeng Motors will invest a large amount of procurement funds

China Electric Vehicle (EV) startup Xiaofeng Motors, which successfully listed on the New York Stock Exchange last month, will invest a large amount of procurement funds to build its second plant.

According to Xinhua News Agency, Xiaofeng announced on the 28th that it plans to start construction of a new plant in Guangzhou, Guangdong Province, and complete it in 2022.

Although it did not announce details such as investment amount, the media said it will attract about 4 billion yuan (about 688 billion won) from an investment company under the Guangdong provincial government and put it into construction costs.

China's largest e-commerce company Alibaba and large smartphone maker Xiaomi are investing in Xiaopeng.