XPENG Inc. (XPEV,9868.HK), a Chinese electric vehicle manufacturer, on Monday said that it has signed a deal with Malaysian manufacturing company EP Manufacturing Berhad or EPMB to begin localized Electric Vehicle production in Malacca, Malaysia. The large-scale production is scheduled to begin in 2026, the company added.
As per the terms of the partnership, XPENG said that it make good use of EPMB's strong local manufacturing capabilities, production capacity, and in-depth market experience to produce advanced intelligent electric vehicles suited for Malaysian and broader ASEAN market requirements. The localized production model is expected to enhance market responsiveness, and strengthen regional integration.
The company said that this latest partnership is its third localized manufacturing project on a worldwide scale and its second in the Asia-Pacific region, thus adding to its existing manufacturing projects in Indonesia and Austria.
Commenting on the developments, James Wu, Vice President, XPENG, said, "Establishing local production project in Malaysia is a significant milestone in XPENG's global strategy and underscores our long-term commitment to the ASEAN region. EPMB's proven capabilities and shared vision make them an ideal partner. This initiative allows us to be closer to our customers, accelerate market responsiveness, and systematically introduce our intelligent technologies, driving forward our mission of 'Democratizing Technology' on a global scale."
On the NYSE, XPEV ended Friday's trading at $18.99, down $0.20 or 1.04 percent.
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