Xpeng Motors

EV deliveries increased nearly 500% compared to the same quarter in 2020.

The 51-year-old founder and CEO is putting his reputation on the line for Xiaomi’s new EV venture.

Firms like Nio, Li Auto, and Xpeng have since made significant progress to challenge Tesla.

Xpeng Motors’ doesn’t expect the global chip shortage to disrupt its production, providing an opportunity to close the gap on its rivals.

Xiaomi founder Lei Jun would lead the new EV team. He has backed both Nio and Xpeng through his venture capital firm Shunwei Capital.

The Hongguang Mini EV is the cheapest electric car in China.

Li Auto and Xpeng also report record-breaking numbers.

The new capital can fully fund the production of the FF 91 model, the company says.