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The city of Guangzhou in Guangdong, China, is reportedly launching an investment fund for local companies, and EV maker XPENG is in the first group of supported companies.
We don’t have much more info than this at the moment, but it appears the draw of the company is not just in its EV production and development but also in its more recent focus on robots, robotaxis, and flying cars. It is this kind of futuristic, long-term vision that it seems Guangzhou is looking to support and invest in.
“The development of strategic emerging industries relies on ‘patient capital’ that can span economic cycles,” XPENG founder and CEO He Xiaopeng noted in response to the news.
“The fund tailored for strategic emerging industries, Guangdong’s first corporate-style government investment fund with a perpetual operating structure, has a total planned size of 100 billion yuan ($15 billion),” Reuters reports. “It has initial registered capital of 50 billion yuan.”
It is not clear yet how much money is being invested in XPENG.
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