CHINESE EV MAKER XPENG WILL HIRE 4,000, INVEST IN AI

Chinese electric vehicle maker Xpeng said it would hire 4,000 this year and invest millions in artificial intelligence, as it seeks to survive what it describes as a "bloody sea" of competition in the world's largest auto market. The additional employees would represent a 25% expansion of the Volkswagen-backed EV maker's workforce from the latest headcount of 15,829 at the end of 2022.

The company will also invest 3.5 billion yuan ($486.36 million) in AI research and development for intelligent driving, He said, adding that Xpeng plans to release around 30 new products or revised models within three years.

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