Xpeng Motors has set up Guangzhou Pengbo Automobile Technology Co., Ltd, a wholly-owned subsidiary with a scope of businesses including battery manufacturing. Xpeng is the latest electric vehicle maker mulling an entry into the EV battery space to bring down the cost of their cars. The new enterprise was established on Nov. 16 in its headquarter city, Guangzhou, with a capital of RMB 5 billion ($700 million), and will be headed by Xia Heng, a co-founder and president of Xpeng, according to the Chinese enterprise information database Tianyancha. Xpeng peer Nio has been building a $32.8 million battery lab in Shanghai this year, while also forming a $280 million battery subsidiary last month. [Tianyancha, in Chinese]