Document:

EX-4.21

 Exhibit 4.21 

 
  

Guangzhou Chengxing Zhidong Automotive Technology Co., Ltd. 

Capital Increase Agreement 
  

 
 By and among 

Guangzhou Chengxing Zhidong Automotive Technology Co., Ltd. 

and 
 Guangdong Xiaopeng Motors
Technology Co., Ltd. 
 and 

Guangdong Xiaopeng Motors Industry Holding Co., Ltd. 

and 
 Guangdong Yuecai Industry
Investment Fund Partnership (L.P) 
 Date: March 12, 2021 

 This Capital Increase Agreement (this “Agreement”) is executed on March 12, 2021 (“Execution
Date”) in Guangzhou by and among: 
  

	 	(1)	 Guangzhou Chengxing Zhidong Automotive Technology Co., Ltd., a limited liability company incorporated
under the laws of the People’s Republic of China (the “Company” or “Chengxing Zhidong”); and 

  

	 	(2)	 Guangdong Xiaopeng Motors Technology Co., Ltd., a limited liability company incorporated under the laws
of the People’s Republic of China (“Guangdong Xiaopeng”); and 

  

	 	(3)	 Guangdong Xiaopeng Motors Industry Holding Co., Ltd., a limited liability company incorporated under the
laws of the People’s Republic of China (“Xiaopeng Industry Holding”); and 

  

	 	(4)	 Guangdong Yuecai Industry Investment Fund Partnership (L.P) (“Investor”)

 Registered Address: Guangzhou 

Uniform Social Credit Code: 91440101MA5AN1QC7A 

Managing Partner: Guangdong Yuecai Industry Investment Fund Partnership (L.P) 

Representative of Managing Partner: Lin Qi (Nationality: China) 

Whereas, as of the Execution Date, the registered capital of the Company is RMB3,222,800,000 and the shareholders of the Company are Guangdong Xiaopeng
and Xiaopeng Industry Holding, both of which hold 100% equity; 
 Whereas, the Company is mainly engaged in research and development of vehicle
engineering technology, design of automobile parts, wholesale of auto parts, retail of automobiles, car rental and innovation of relevant business (“Business”); 

Whereas, the Company intends to increase its capital and the Investor intends to invest in the Company; and 

Now therefore, in consideration of the foregoing premises and the following mutual agreements and undertakings hereunder, and on the basis of being
duly bound by this Agreement, the Company, Guangdong Xiaopeng, Xiaopeng Industry Holding and the Investor (individually referred to as a “Party” and collectively referred to as the “Parties”) hereby conclude the following
agreement: 
 ARTICLE 1 DEFINITIONS 
  

	1.1	 Defined Terms 

In this Agreement, 

“Capital Increase” means the Company admits new shareholders to invest in the Company and hold stocks, and increases the
Company’s registered capital and/or capital reserves. 

  
 1 

 “Capital Increased by the Investor” means after completion of this Capital
Increase, the increased registered capital, which is the part of the Capital Increase Price paid by the Investor to the Company and calculated as registered capital of the Company. For the purpose hereof, the Capital Increased by the Investor is RMB
nine million nine hundred and fourteen thousand and thirty-eight (¥9,914,038). 
 “Completion of Capital Increase” means
actual payment of Capital Increased by the Investor to the Company’s account and completion of industrial and commercial registration. 

“Capital Increase Price” means the total amount of payment to be made by the Investor to the Company hereunder. For the
purpose hereof, the Capital Increase Price is RMB five hundred million (¥500,000,000). 
 “Capital Increase Premium”
means the difference between the Capital Increase Price paid by the Investor and the Capital Increased by the Investor. For the purpose hereof, the Capital Increase Premium is RMB four hundred and ninety million eighty-five thousand nine hundred and
sixty-two (¥490,085,962). The Capital Increase Premium will be calculated as capital reserves of the Company. 
 “Valuation
Basis” means, for the purpose of this investment, the valuation of intrinsic value of the Company. For the purpose hereof, the Valuation Basis before Capital Increase is the average market closing price of overseas listed entity XPENG Inc.
in 10 trading days before execution of Capital Increase Agreement, which will be converted to RMB one hundred and sixty-two billion five hundred and thirty-seven million two hundred and three thousand and five (¥162,537,203,005) at the central
parity rate promulgated by China Foreign Exchange Trading System authorized by People’s Bank of China on the Execution Date of this Capital Increase Agreement. 

“Business” means the business engaged or to be engaged or will be engaged by the Company as planned. 

“Business Day” means any day other than Saturday, Sunday and the days on which banks in China suspends business as provided in
laws or authorized by laws. 
 “PRC GAAP” means the accounting principles and practice applicable and effective in the whole
relevant period and generally accepted in China. As of the Execution Date, PRC GAAP shall be the Enterprise Accounting Principles promulgated by the Ministry of Finance on February 15, 2006 and enacted as of January 01, 2007 as amended from
time to time. 
 “Person” means any individual, partnership, company limited by shares, limited liability company,
association, trust, other foundation, aggregate corporation, unincorporated organization, government authority or other entity. 

  
 2 

 ARTICLE 2 CAPITAL INCREASE 

 

	2.1	 The Capital Increase 

For this Capital Increase, the Capital Increased by the Investor is RMB nine million nine hundred and fourteen thousand and thirty-eight
(¥9,914,038) and is subscribed by the Investor in full. After Completion of Capital Increase, the registered capital of the Company is changed to RMB three billion two hundred and thirty-two million seven hundred and fourteen and thirty-eight
(¥3,232,714,038). 
 The Parties specially agree that Based on the Valuation Basis, after Completion of this Capital Increase,
Guangdong Xiaopeng holds 99.6067% of equity, Xiaopeng Industry Holding holds 0.0866% of equity and the Investor holds 0.3067% of equity; in case of any discrepancy between the shareholding percentage specified in the articles of
association or industrial and commercial registration document or any other document and this Agreement, this Agreement shall prevail. 
  

	2.2	 Capital Increase Price 

In consideration for equity of the Company, the Investor shall pay Capital Increase Price of RMB five hundred million (¥500,000,000) to the
Company. Based on the Valuation Basis agreed herein, RMB nine million nine hundred and fourteen thousand and thirty-eight (¥9,914,038) in the Capital Increase Price paid by the Investor shall be included in the registered capital of the Company
as Capital Increased by the Investor and the remaining RMB four hundred and ninety million eighty-five thousand nine hundred and sixty-two (¥490,085,962) shall be included in capital reserves of the Company according to PRC GAAP as Capital
Increase Premium. 
 ARTICLE 3 PAYMENT FROM THE INVESTOR 
  

	3.1	 Conditions precedent on payment from the Investor 

The Parties confirm that the Investor shall not be obligated to pay the Capital Increase Price until both of the following conditions are met:
(i) the respective governing body of Guangdong Xiaopeng and the Investor has approved this Capital Increase; and (ii) the Company delivers a letter of confirmation to the Investor to confirm that as of the date thereof the Company has not
experienced material adverse change in relation to its Business, operation, asset, financial conditions, prospect or other conditions. 
  

	3.2	 Payment from the Investor 

The Company shall send written payment notice to the Investor within two (2) Business Day after satisfaction of conditions specified in
Article 3.1 to notify the satisfaction of conditions precedent for payment and specify the amount to be paid by the Investor and account information for receipt of payment. 

The Investor shall remit the Capital Increase Price in full to the receiving account specified in the payment notice within 15 working days
after receiving the payment notice. At the same time, it shall scan and email the remittance instruction made to the foregoing account to the contact person of the Company as evidence of performing the obligation of paying the Capital Increase Price
by the Investor. 

  
 3 

 After receiving Capital Increase Price paid by the Investor and no later than March 31,
2021, the Company shall complete the capital verification, amendment to the articles of association and industrial and commercial change registration for this Capital Increase and scan and email the new business license to the contact person of the
Investor. 
 ARTICLE 4 SUPPLEMENTARY AGREEMENT 
  

	4.1	 Business operation before payment from the Investor 

The Company undertakes and agrees unless otherwise agreed herein, from the Execution Date to payment by the Investor of the Capital Increase
Price the Company will (a) operate in ordinary course of business consistent with past practices, (b) use reasonable efforts to keep the Business not harmed in all material aspects, and (c) maintain all books and records. 

 

	4.2	 Rights of the Investor as a shareholder 

After the Investor actually pays the Capital Increase Price to the Company in full, the industrial and commercial change registration shall be
completed no later than March 31, 2021 to register the Investor as the shareholder. 
 The Parties confirm that the Investor has no
power to nominate, elect or appoint director or senior executives of the Company. 
  

	4.3	 Equity exchange 

Within three years after payment of funds from the Investor, if it is determined that any affiliate other than the Company (including but not
limited to XPENG Inc. and Guangdong Xiaopeng) is listed on A-share market or in Hong Kong or other capital markets, the Company needs to notify the Investor in writing on the date such listed entity is
approved by relevant stock exchange. The Investor has the right to request Guangdong Xiaopeng within 3 days in writing to repurchase the equity held by it in Chengxing Zhidong and exchange the same to equity in relevant listed entity (to participate
in strategic placement and international placement at listing price and exchange to equity in listed entity in equivalent amount of Capital Increase Price corresponding to the exchanged equity). 

  
 4 

 (1) In relation to the part of exchanged equity as agreed by both Parties, after Guangdong
Xiaopeng repurchases the equity held by the Investor in the Company at Capital Increase Price, it shall make all efforts to coordinate so that the Investor will obtain shares in strategic placement and international placement of the listed entity.
If in relation to the part of exchanged equity as agreed by both Parties, the shares of placement of listed entity is not successfully obtained in full for reasons not attributable to the Investor, Guangdong Xiaopeng shall pay the difference as
additional repurchase price to the Investor at the annual simple interest of 6% (Increased Repurchase Price = (the amount of exchanged equity agreed by both Parties - actually obtained shares in placement) * 6%/annual * calendar days from the
closing date (inclusive) to the date of actual payment of repurchase price (inclusive) /365), and Article 4.5 is not applicable to this part of incomes of the Investor. If Guangdong Xiaopeng has coordinated but the Investor fails to obtain the
shares in placement of the listed entity for its own reasons (including but not limited to failure in timely payment of funds to participate in placement or insufficiency of funds), Guangdong Xiaopeng shall pay additional repurchase price
(calculated as per foregoing provision) at the annual simple interest of 6%, provided however that Article 4.5 is not applicable to this part of incomes of the Investor. 

(2) The part of equity not exchanged by the Investor will be repurchased by Guangdong Xiaopeng at the annual simple interest rate of 6%. The
calculation formula of repurchase price is: amount of equity not exchanged by the Investor × (1+6% × calendar days from the closing date (inclusive) to the date of actual payment of repurchase price (inclusive) /365). 

Guangdong Xiaopeng shall pay the repurchase price in full within 3 days after receiving written notice from the Investor for repurchasing
equity. If Guangdong Xiaopeng fails to repurchase the equity or fails to pay the repurchase price in full within the specified period, Guangdong Xiaopeng shall pay 0.05% of the payable amount to the Investor as liquidated damages for the period from
the date the repurchasing party fails to pay repurchase price to the Investor to the date when the repurchase price is paid in full. As of the date on which Guangdong Xiaopeng pays repurchase price to the Investor in full, the equity held by the
Investor in the Company corresponding to the repurchase price and corresponding interests shall be vested in Guangdong Xiaopeng (whether or not the industrial and commercial change registration has been completed), and the Investor shall cooperate
with Guangdong Xiaopeng to complete relevant equity change registration. 
  

	4.4	 Repurchase 

If three years after payment from the Investor is received, the Investor, the Company and Guangdong Xiaopeng fail to agree on listing
arrangement for the Company or relevant listed entity (including but not limited to valuation at the time of listing, listing place, listing entity, etc.) or the Company or relevant listed entity cannot be listed, Guangdong Xiaopeng will repurchase
the equity held by the Investor in the Company at the annual simple interest rate of 6%. 
 Repurchase price: 

The repurchase price shall be Capital Increase Price paid by the Investor + the incomes from Capital Increase Price at the annual rate of
return of 6%. The specific calculation formula is as follows: 
 Repurchase Price = Capital Increase Price paid by the Investor × (1+6%
× calendar days from the closing date (inclusive) to the date of actual payment of repurchase price (inclusive) /365). 

  
 5 

 When the foregoing conditions are satisfied, the Investor or Guangdong Xiaopeng will request
the other Party to repurchase the equity and the requested party shall unconditionally cooperate. If the Investor requests for repurchase, Guangdong Xiaopeng shall pay repurchase price in full within 30 days after receiving written notice from the
Investor for repurchasing the equity. If Guangdong Xiaopeng fails to repurchase the equity or fails to pay the repurchase price in full within the specified period, Guangdong Xiaopeng shall pay 0.05% of payable amount to the Investor as liquidated
damages for the period from the date when the repurchasing party fails to pay repurchase price to the Investor to the date when repurchase price is paid in full. If Guangdong Xiaopeng requests for repurchasing the equity, from the date when
Guangdong Xiaopeng pays repurchase price to the Investor in full, the equity held by the Investor in the Company corresponding to the repurchase price and relevant interests will be vested in Guangdong Xiaopeng (whether the industrial and commercial
change registration has been completed or not) and the Investor shall cooperate with Guangdong Xiaopeng to complete equity change registration. 
  

	4.5	 Refund of incomes 

Return of incomes are allowed in accordance with the investment policy specified in the Plan of Guangdong Province on Industrial Development
Fund Formation: 
 (1) In the event of a repurchase by Guangdong Xiaopeng at an annualized rate of 6% (simple interest) under clauses 4.3(2)
and 4.4, an amount equals to 50% of the income attributable to the Investor (the amount exceeding the Capital Increase Price and tax (if any) borne by the Investor due to such Capital Increase, holding, and withdrawal) shall be refunded to the
Company. The Company confirms that Guangdong Xiaopeng is entitled to the refunded income, and Guangdong Xiaopeng can pay the Investor the repurchase price after deducting the refunded income. 

 

	4.6	 Anti-dilution 

After the Completion of Capital Increase, the pre-money Valuation Basis of the Capital Increase by non-Chengxing affiliates in the Company shall not be lower than the post-money valuation of the current investment (the post-money valuation is the sum of the Valuation Basis agreed in this Agreement and Capital
Increase Price), unless otherwise agreed in writing by the Investor. Otherwise, the Investor has the right to request the repurchasing party to repurchase all its equities held in the Company, and the repurchasing party shall cooperate
unconditionally. However, the Capital Increase in the Company implemented under the Cooperation Agreement regarding the XPeng Intelligent Manufacturing Base Project between Guangdong Xiaopeng and Guangzhou GET Investment Holdings Co., Ltd. is not
subject to this clause. 

  
 6 

 Repurchase Price: 

The equity repurchase price is the sum of the Capital Increase Price paid by the Investor and the income from the Capital Increase Price paid
by the Investor based on an annual investment yield of 6%. The calculation formula is as below: 
 Repurchase Price = Capital Increase Price
paid by the Investor× (1+6%×the number of natural days from the closing date (inclusive) to the date (inclusive) of actual payment of the repurchase price/365). 

The repurchasing party shall pay the full repurchase price within 30 days after receiving the Investor’s written notice of equity
repurchase. Where the repurchasing party fails to repurchase within such agreed period or fails to pay the repurchase price in full, the repurchasing party shall pay the Investor a liquidated damage of 5

 per day for the outstanding amount, which is calculated from the date when the repurchasing party fails to pay the Investor the repurchase price on time to the date when the repurchase price is paid in full. 

As a consideration, the Investor undertakes that if the Company continues to increase its registered capital, the Investor will waive its
preemptive right to subscribe for such newly increased registered capital; if Guangdong Xiaopeng and/or Xiaopeng Industry Holding transfers the registered capital/equity of the Company, the Investor will waive the right of first refusal to purchase
such transferred registered capital/equity of the Company. In addition, the Investor shall provide all necessary documents and take all necessary actions to cooperate in completing the procedures for the industrial and commercial change registration
of the newly increased or transferred registered capital. 
  

	4.7	 Commitments and warranties 

The Company undertakes and warrants to the Investor that: 
  

	 	(1)	 the Company did not have any major breach of or any fraudulent activities against the transaction documents of
the Capital Increase; 

  

	 	(2)	 where the Company has a major breach of contract or illegal act, it shall make corrections within 15 working
days after receiving a written notice from the Investor requesting such corrections; 

  

	 	(3)	 the Company shall not change its registered address to areas outside Guangzhou City before the withdrawal of
the Investor, and Guangdong Xiaopeng’s status as the actual controller of the Company will not change; 

 In the event
of violation of the above clauses, the Investor can make a repurchase request before its withdrawal, and the repurchasing party shall cooperate unconditionally. The equity repurchase price is the sum of the Capital Increase Price paid by the
Investor and the income from the Capital Increase Price paid by the Investor based on an annual investment yield of 6%. The calculation formula is as below: 

Repurchase Price = Capital Increase Price paid by the Investor× (1+6%×the number of natural days from the closing date (inclusive)
to the date (inclusive) of actual payment of the repurchase price/365). 

  
 7 

 The repurchasing party shall pay the full repurchase price within 30 days after receiving
the Investor’s written notice of equity repurchase. Where the repurchasing party fails to repurchase within such agreed period or fails to pay the repurchase price in full, the repurchasing party shall pay the Investor a liquidated damage of 5

 per day for the outstanding amount, which is calculated from the date when the repurchasing party fails to pay the Investor the repurchase price on time to the date when the repurchase price is paid in full. 

The Investor undertakes and warrants to the Company and Guangdong Xiaopeng that: 

 

	 	(1)	 it has the legal ownership or disposal right to the property used for this Capital Increase, and that the
source and use of the property comply with laws, regulations and relevant policies. 

  

	 	(2)	 there are no major omissions or misleading statements with regard to this Capital Increase, and there are no
fraud, concealment or other statements that do not conform to the actual situation. 

  

	 	(3)	 the Investor shall comply with, and procure all the partners of the Investor to comply with, all and any of the
commitments made to the Company and Guangdong Xiaopeng. 

 In the event of violation of the above clauses, Guangdong
Xiaopeng has the right to require the Investor to transfer all of the Company’s equities to Guangdong Xiaopeng at the Capital Increase Price by the Investor, and the Investor shall cooperate unconditionally. 

 

	4.8	 Confidentiality 

(a) Each Party agrees to treat, and procure its affiliates as well as the officers, directors, employees, agents, representatives, accountants
and legal counsels of the Party and its affiliates to treat, this Agreement and the proposed transaction hereunder, and (i) all the information provided by any Party regarding the proposed transaction under this Agreement, and (ii) all the
information relating to trade secrets, patent and trademark applications, product development, prices, customer and supplier lists, pricing and marketing plans, policies and strategies, details of customer and consultant contracts, business methods,
product development technology, business acquisition plans and new personnel recruiting plan of each Party, and all the other confidential or proprietary information relating to the Business and the Company provided by the Company (collectively
referred to as “Confidential Information”) as confidential information, and keep such information confidential (and not to disclose to any subject or provide any subject with access to such information), unless otherwise required to be
disclosed by judicial or administrative procedures or other legal requirements. However, the above provisions do not apply to (A) any information that a Party is allowed to disclose under this Agreement; (B) any information that has been
publicly available at the time of disclosure, or becomes publicly available after the disclosure, provided that such disclosure is not due to a violation of this Agreement by any Party or its affiliates or officers, directors, employees, agents,
representatives, accountants and legal counsels of the Party or its affiliates; (C) the information that has been acquired by one Party before the disclosure and that Party does not assume any confidential obligations of such information; or
(D) the information obtained by one Party from a bona fide third party with no obligation of confidentiality; however, with regard to intellectual property, the information shall not be deemed as the aforementioned scenarios simply because such
information enters the public domain upon the general disclosure. For the avoidance of doubt, one Party may, for the purpose of completing the transaction proposed in this Agreement, disclose the aforementioned Confidential Information to its
affiliates and the officers, directors, employees, agents, representatives, accountants and legal counsels of the Party and its affiliates, provided that the Party shall ensure that such shareholders, partners, investors, officers, directors,
employees, agents, representatives, accountants and legal counsels understand and assume the same confidential obligations. To further avoid doubt, one Party may disclose to the shareholders, partners or investors of the Party or its affiliates for
the purpose of fund notification, reporting, and inter-fund notification and reporting, provided that the Party shall ensure that such shareholders, partners and investors understand and assume the same confidentiality obligations. 

  
 8 

 (b) For the sake of clarity, the Parties agree that one Party to this Agreement and its
affiliates (including their respective officers, directors, employees, agents, representatives, accountants, financial advisors, and legal counsels) may in accordance with regulations of applicable laws and applicable stock exchange rules disclose
to any relevant government department or stock exchange the terms of this Agreement and other transaction agreements, as well as any other information related to the transaction proposed hereunder or under such transaction agreements, the Company
and the Business that is legally required to be disclosed by the Party or its affiliates (as the case may be) by applicable laws and is allowed to be disclosed after consulting its legal counsel. 

(c) Unless otherwise specified in this Agreement, no Party shall use the confidential information of any other Parties that it has obtained or
possessed for any purpose or in any way. 
 (d) The provisions of this clause shall continue to remain valid and binding on the Parties for
five (5) years after the termination of this Agreement. 
  

	4.9	 Further action 

The Parties shall make all reasonable efforts to take or procure the other Parties to take all necessary and appropriate actions, do or procure
the other Parties to do all necessary, appropriate or desirable things under applicable laws, and sign and deliver all necessary documents and other documents to fulfill the provisions of this Agreement, complete the transaction contemplated
hereunder and make the transaction effective. 

  
 9 

 ARTICLE 5 Taxes 

Transaction tax 

The Parties shall be responsible for payment of their respective taxes arising from or related to the transaction proposed in this Agreement
and levied against them in accordance with all applicable laws. 
 ARTICLE 6 General Provisions 

 

	6.1	 Fees 

All the fees and expenses (including but not limited to legal advisory fees, financial advisory fees, auditor’s fees and evaluation fees)
incurred by the parties in connection with the transaction proposed in this Agreement (“Transaction Fees”) shall be borne by the Party incurring such fees. 
  

	6.2	 Notification 

All the notices, requests, claims, requirements and other communications under this Agreement shall be made in writing and delivered by hand,
express service, fax, or registered mail (postage prepaid and return receipt required) to the following address of the Parties (or other address designated by one Party in the form of notification in accordance with Clause 10.02 hereof): 

 

	 	(a)	 Guangdong Xiaopeng Motors Technology Co., Ltd. 

Address: Xiaopeng Motors Intelligent Industrial Park, No. 8 Songgang Road, Changxing Street, Cencun, Tianhe District, Guangzhou 

Postal Code: 510640 
 Tel: 020-66806680 
 Addressee: Lin Sencai 

 

	 	(b)	 Guangzhou Chengxing Zhidong Automotive Technology Co., Ltd. 

Address: Xiaopeng Motors Intelligent Industrial Park, No. 8 Songgang Road, Changxing Street, Cencun, Tianhe District, Guangzhou 

Postal Code: 510640 
 Tel: 020-66806680 
 Addressee: Lin Sencai 

  
 10 

	 	(c)	 Investor: Guangdong Yuecai Industry Investment Fund Partnership (LP) 

Address: 9th Floor, Yuecai Building, No. 481 Middle Dongfeng Road, Guangzhou 

Postal Code: 510045 
 Tel: 020-37126217 
 Addressee: Xie Xiaolin 

 

	6.3	 Announcement; disclosure 

Except as otherwise agreed in Clause 4.8(b) hereof, without the prior written consent of the other Parties, no Party shall or procure others to
issue press releases or make relevant announcements related to this Agreement or the transaction proposed in this Agreement, nor communicate with any news media in other ways. The Parties shall cooperate and reach an agreement on the timing and
content of the press release or announcement. 
  

	6.4	 Severability 

In the event that any clause or other provision in this Agreement is invalid or illegal, or cannot be enforced by any law or public policy, all
the other clauses and provisions herein will remain fully effective as long as the economic or legal substance of the proposed transaction in this Agreement does not change to such extent that a material adverse effect upon any other Party will
occur. The Parties shall, after any clause or other provision is determined to be invalid, illegal or unenforceable, negotiate in good faith to amend this Agreement so as to reflect the original intentions of the Parties in an acceptable way to the
greatest extent, so that the proposed transaction herein can be completed as far as possible in accordance with the original plan. 
  

	6.5	 Entire agreement 

This Agreement constitutes an entire agreement between the Parties on the subject matter of this Agreement, and replaces all oral and written
agreements, commitments and communications previously reached by the Parties on the subject matter hereof. 
 The Parties agree to sign a
short form of the Capital Increase Agreement, articles of association, application and other documents (hereinafter collectively referred to as “Registration Documents”) if required by relevant government departments with regard to the
change of registration for this Capital Increase, and such Registration Documents shall be submitted to government departments only for the purpose of relevant registration and transaction procedures. The agreement and rights and obligations of the
Parties relating to this transaction are subject to the provisions of this Agreement. 
  

	6.6	 Assignment 

No Party may transfer the rights or obligations under this Agreement without the express written consent of the other Parties. 

The Investor can transfer its equity in the Company to Guangdong Xiaopeng upon an agreement. 

  
 11 

	6.7	 Amendments 

This Agreement shall not be amended or modified unless such amendments or modifications are made based on written documents signed by the
Parties or their authorized representatives. 
  

	6.8	 Governing law 

This Agreement shall be governed by and interpreted according to Chinese laws. 

 

	6.9	 Settlement of disputes 

Any dispute (hereinafter referred to as “Dispute”) arising from the execution of this Agreement or related to this Agreement shall be
settled through amicable negotiation between the Parties. The Party making a claim shall promptly notify the other Party of the Dispute and explain the nature of the Dispute via a dated notice. If the Dispute cannot be resolved through negotiation
within thirty (30) days from date of the above notice, either Party may submit the matter to China International Economic and Trade Arbitration Commission for an arbitration in Shenzhen in accordance with the then effective arbitration rules.

  

	6.10	 Counterparts 

This Agreement is made in six (6) counterparts, and each Party shall hold one (1) counterpart. The remaining counterparts shall be
kept by the Company in preparation for necessary approvals or registration procedures. This Agreement will take effect upon official signatures/stamps by the Parties. 

[Signature page follows] 

  
 12 

 In witness whereof, the Parties have caused this Agreement to be executed by them or by
their duly authorized representatives as of the date first written above. 
  

					
	Guangdong Xiaopeng Motors Technology Co., Ltd.
			
	By:	 	 /s/ Xia Heng
	  	
	Name:	 	Xia Heng	  	
	Position:	 	Legal representative	  	
	
	Guangdong Xiaopeng Motors Industry Holding Co., Ltd.
			
	By:	 	 /s/ Xia Heng
	  	
	Name:	 	Xia Heng	  	
	Position:	 	Legal representative	  	
	
	Guangzhou Chengxing Zhidong Automotive Technology Co., Ltd.
		
	(company seal)	  	
			
	By:	 	 /s/ Xia Heng
	  	
	Name:	 	Xia Heng	  	
	Position:	 	Legal representative	  	

 In witness whereof, the Parties have caused this Agreement
to be executed by them or by their duly authorized representatives as of the date first written above. 
  

					
	Guangdong Yuecai Industry Investment Fund Partnership (LP)
			
	By:	 	 /s/ Lin Qi
	  	
	Name:	 	Lin Qi	  	
	Position:	 	Representative of Managing Partner	  	

  
 13EX-4.22

 Certain information in this document identified by brackets has been omitted because it is both not
material and would be competitively harmful if publicly disclosed. 
 Exhibit 4.22 

Investment Agreement 

(Project No.: 202103CD-TH-018) 

Between 
 Party A: Administrative
Committee of Wuhan Economic and Technological Development Zone 
 And 

Party B: Guangdong Xiaopeng Motors Technology Co., Ltd. 

Wuhan Economic and Technological Development Zone 

April 2021 

 Table of Contents 

1. Project Brief 
 2. Project Support 

3. Party A’s Commitments and Obligations 
 4. Party
B’s Commitments and Obligations 
 5. Liability for Breach of Contract and Exemption Reasons 

6. Confidentiality 
 7. Matters Not Covered 

8. Dispute Resolution and Applicable Law 
 9. Entry into Force
and Others 
 10. Exhibit 

 Investment Agreement 

Party A: Administrative Committee of Wuhan Economic and Technological Development Zone 

Domicile: No.88 Dongfeng Avenue, Wuhan Economic and Technological Development Zone, Wuhan 

Party B: Guangdong Xiaopeng Motors Technology Co., Ltd. 

Domicile: No.1, Yichuang Street, China-Singapore Guangzhou Knowledge City, Huangpu District, Guangzhou 

In accordance with the relevant laws and regulations of the People’s Republic of China and the principles of equality, voluntariness, mutual benefit and
common development, Party A and Party B, after full consultation, enter into the following agreement on Party B’s investment in the Economic Development Zone: 
  

	1.	 Project Brief 

 

	1.1	 Project name: Project of Xiaopeng Motors Wuhan Intelligent Networked Automobile Intelligent
Manufacturing Base and R&D Center (hereinafter referred to as the “Project”). 

  

	1.2	 Investor: Guangdong Xiaopeng Motors Technology Co., Ltd. 

 

	1.3	 Project scale: The total investment in the Project is around [REDACTED], including around [REDACTED] in
fixed assets [REDACTED] and around [REDACTED] in R&D and operation. 

  

	1.4	 Project description: Guangdong Xiaopeng Motors Technology Co., Ltd., the investor, is a leading
intelligent electric vehicle designer and manufacturer in China, and also a technology company integrating cutting-edge Internet and artificial intelligence innovation. Party B invests in the Project of Xiaopeng Motors Wuhan Intelligent Networked
Automobile Intelligent Manufacturing Base and R&D Center, which has four process workshops, namely stamping, welding, painting and final assembly, an independent powertrain factory (including battery and motor) to undertake such functions as
R&D and production of new energy passenger cars and key components, and an independent sales company. The products/main business are not within the scope of production/business prohibited and restricted by the national, provincial and municipal
development and reform commissions. The production/operation process meets the national requirements for environmental protection, energy saving, emission reduction, and safe production. The planned production capacity of the vehicle base after
reaching the designed production capacity is 100,000 vehicles, with an annual production capacity of 150,000 vehicles, and the annual output of the powertrain factory is over 100,000 sets. 

	1.5	 Economic scale: The Project is expected to start before June 30, 2021, and put into production in
July 2023, and meet the conditions of reaching the designed production capacity before the end of 2025. Party B undertakes to use reasonable efforts to achieve the following goals: in the third year after the formal production, the annual output
value of the vehicle will be over [REDACTED], the annual output value of the powertrain will be over [REDACTED], and the accumulated tax within 6 years from the second year after the production will be no less than [REDACTED] (including the tax paid
by the affiliates newly introduced into the jurisdiction of Party A through Xiaopeng Motors that do not enjoy the preferences of investment policy). 

  

	1.6	 Company registration and operation period: Party B undertakes to incorporate an independent legal person
project company producing automobile parts (hereinafter referred to as the “Project Company”) in Party A’s jurisdiction within one month after signing this Agreement, and apply for vehicle production qualification with the Project
Company. The paid-in registered capital of the Project Company will be no less than [REDACTED] and will be paid within five years. Party B also undertakes to set up a powertrain factory with independent legal
person qualification within three months after the Project starts and set up a sales company with independent legal person qualification within six months after the Project starts. At the same time, Party B undertakes to set up the Central China
R&D Center in Party A’s jurisdiction within 6 years after signing the Agreement with Party A providing the site and talent policy. All statistical indicators of the Project Company and related companies and institutions established
shall be included in Party A’s statistical scope and pay various operating taxes according to law. The actual registered operation period of the Project Company and related companies and institutions established in Party A jurisdiction shall
not be shorter than 20 years. 

  

	1.7	 Project location: The Project is planned to be located in the General Aviation and Satellite Industrial
Park and related parks in Wuhan Economic and Technological Development Zone, with an area of about 1,100 mu (including powertrain factory, the specific area is subject to the State-Owned Construction Land Use Right Grant Contract). Party A shall be
responsible for signing the Agreement before the expected commencement date and legally transferring the project land to Party B’s Project Company. 

	1.8	 Project construction scale: The total building area of four process workshops, namely stamping, welding,
painting and final assembly, is about 210,000 m2; powertrain factory (including battery and motor) about 60,000 m2; the comprehensive office
building about 20,000 m2; and other auxiliary and supporting facilities about 60,000 m2. 

 

	2.	 Project Support 

Party A agrees to provide Party B and Party B’s Project Company with all-round support in terms of
funds, market, policies, talents, taxes and qualifications. 
  

	3.	 Party A’s Commitments and Obligations 

 

	3.1	 Service for the establishment of the Project Company 

Party A shall set up a special service team for the Project to actively coordinate the submission for approval and filing with, examination and
approval by various competent departments, and list the Project as a provincial key project. 
 Party A shall, in accordance with Chinese
laws, regulations and policies, provide “one-stop” service for Party B’s establishment of the Project Company. After Party B provides the project application materials that meet the requirements
of relevant functional departments, Party A actively assists Party B and Party B’s Project Company to handle the administrative examination and approval procedures related to project construction, such as environmental assessment, project
establishment, industrial and commercial registration, planning, construction application, bidding and completion acceptance, and the relevant expenses shall be paid by Party B. 

 

	3.2	 Guarantee of operation right 

In accordance with the relevant national and local laws, regulations and policies of China, Party A warrants that it will not impose any
illegal interference on the independent construction and operation of the Project. 

	3.3	 Preferential policy commitment 

Party A undertakes to actively help the enterprises to apply for relevant national and local preferential policies according to procedures
under the condition of meeting relevant regulations. Except as otherwise provided by laws, administrative regulations, local regulations and the State Council and the Ministry of Finance, administrative fees of Party B’s Project Company in the
Economic Development Zone will be exempted. 
  

	3.4	 Others 

Party A has the right to supervise the special support funds according to the national regulations, and exercise comprehensive governance and
the management of safe and civilized production in conjunction with relevant departments according to law. 
  

	4.	 Party B’s Commitments and Obligations 

 

	4.1	 Balance of support and contribution 

Within ten years from the date when the Project is put into production, the part retained in the municipality and district of the taxes
actually paid by Party B’s Project Company, powertrain factory, R&D Center and sales company registered in Party A’s jurisdiction and the enterprises controlled by Party B that have not signed the investment promotion agreement with
Party A must be greater than or equal to the municipal and district financial funds, including the interest subsidy support in Article 2.1, fixed assets investment award in Article 2.2, market support in Article 2.4.2, talent support in Article 2.5,
tax incentives in Article 2.6 and fund cost of R&D support in Article 2.3 actually obtained by Party B and the Project Company from Party A. If the above conditions are not met after the expiration of ten years and the parties fail to negotiate
to extend the calculation period, Party B shall bear the obligation of making up the difference in cash, and such obligation of making up the difference shall be fulfilled within the first quarter after the settlement and payment of the annual
income tax regarding the tenth year after the Project is put into production by Party B’s Project Company. The retained part of the tax paid by Party B’s Project Company in the municipality and district and the local support funds and fund
cost obtained shall be subject to the amount issued by the corresponding municipal and district functional departments and platform companies. 
  

	4.2	 Project planning 

Party B shall strictly abide by the relevant provisions of Party A’s planning, conduct relevant demonstration, evaluation and design of
the Project, and go through relevant procedures for approval and construction according to the basic construction procedures and requirements. 

	4.3	 Project investment, construction and operation 

 

	 	4.3.1	 Party B undertakes to fulfill the obligations of investment, construction and operation of the Project as
agreed in Article 1, pay taxes and conduct statistical declaration of scale enterprises in the Economic Development Zone based on the production and operation taxes and data of the Project, and ensure that Party A’s subsidies, awards and other
supporting funds hereunder shall be used exclusively and subject to supervision. If Party B violates or does not comply with any relevant provisions of laws, regulations and policies due to any of its own act or omission, any legal liability and
loss of rights and interests caused thereby shall be borne by Party B. 

  

	 	4.3.2	 Without the written consent of Party A, Party B shall not transfer the above-ground buildings (structures) and
other attachments on the project land to others before reaching the annual output value specified in Article 1.5 and paying various taxes in the Economic Development Zone, except for the independent legal person companies registered in Party
A’s jurisdiction, affiliates conducting statistical declaration of scale enterprises in the jurisdiction and upstream and downstream suppliers. Party B may lease the above-ground buildings (structures) and other attachments on the project land,
and for those exceeding 5,000 square meters, Party A’s written approval shall be obtained. 

  

	4.4	 Information submission and others 

After the Project is put into operation, the Project Company shall timely submit relevant statistical information on production and operation
to relevant government departments and relevant departments of the Economic Development Zone in accordance with relevant regulations. 
 When
the construction and production of Party B’s Project involves fixed assets investment, paid-in investment, retail sales of social consumer goods, foreign trade import and export and other related data and
business, Party B’s Project Company shall timely submit relevant data to relevant departments in accordance with laws and regulations, and shall not conceal or refuse to report. Project Companies suspected of concealing or refusing to report
may not apply for the awards at the province, municipality or district level related to paid-in investment, retail sales of social consumer goods, and foreign trade import and export; if the Project Company
still conceals or refuses to report after reminding, coordination and on-site service by Party A, Party A shall have the right to stop the support funds provided to Party B and/or the Project Company as agreed
in this Agreement, and request Party B and/or the Project Company to return to Party A or the financial and taxation authorities designated by Party A all or part of the support funds that have been provided. 

	 	4.4.1	 Declaration of fixed assets 

If the Project involves investment in fixed assets, the Project Company directly invested by Party B shall timely submit the data of
investment in fixed assets to the district statistics department according to laws and regulations. 
  

	 	4.4.2	 Declaration of retail sales of social consumer goods 

If the main business of Party B’s independent legal person sales company involves one or more items of wholesale and retail, the company
shall include the related wholesale and retail businesses in the first three items of business license, and include its sales data in the business statistics of Party A’s statistical department. 

 

	4.5	 Project change 

After this Agreement comes into effect, Party B or the Project Company shall not transfer, divide and transfer, or transfer in disguise the
land use right of the Project or change the construction content of the Project without authorization. If it is really necessary to transfer or make change, the written consent of Party A must be obtained in advance. 

 

	5.	 Liability for Breach of Contract and Exemption Reasons 

 

	5.1	 Liability for breach of contract 

 

	 	5.1.1	 If Party B fails to complete the annual output value and payment of various annual taxes on schedule after it
goes into production as scheduled in this Agreement, Party A shall have the right to rescind this Agreement and require Party B to return the support funds and awards obtained according to the unfinished proportion. 

 

	 	5.1.2	 If Party A fails to provide financial support to Party B or Party B’s Project Company for 3 or more months
according to the time limit or amount stipulated in this Agreement, and fails to provide it within 30 days after Party B’s reminder, Party B shall have the right to rescind this Agreement and ask Party A to bear corresponding liabilities.

 If either party makes false statements, commitments or warranties during the execution of
this Agreement, or fails to fulfill the contractual obligations or fails to fulfill the contractual obligations as stipulated after this Agreement comes into effect, it shall bear the liability for breach of contract such as continuing to fulfill
the contractual obligations, taking remedial measures or compensating for losses. If otherwise provided in this Agreement, the other provisions shall prevail. 
  

	5.2	 Exemption reasons 

If either party fails to perform, partially performs or delays in performing this Agreement due to force majeure, it may be partially or
totally exempted from liabilities or delay in performing the main obligations referred to in relevant clauses of this Agreement, subject to the influence degree of force majeure, but the party affected by force majeure shall notify the other party
in time and take all necessary remedial measures to reduce losses. 
  

	6.	 Confidentiality 

Both parties shall keep this Agreement, all matters hereunder and all documents and information provided by both parties (including paper
documents, digital documents and information obtained otherwise) properly and keep them strictly confidential. 
 If one party is required by
applicable laws and regulations, judicial decisions or the provisions of the stock exchange to disclose the content of this Agreement, it shall not be deemed to constitute breach of confidentiality obligations. 

 

	7.	 Matters Not Covered 

For matters not covered in this Agreement, Party A and Party B may sign a separate written supplementary agreement through friendly
consultation. The supplementary agreement has the same legal effect as this Agreement; in case of conflict between the supplementary agreement and this Agreement, the supplementary agreement shall prevail. 

 

	8.	 Dispute Resolution and Applicable Law 

 

	8.1	 Any dispute arising from or in connection with this Agreement shall be settled first through friendly
consultation between Party A and Party B. If consultation fails, the dispute may be submitted to China International Economic and Trade Arbitration Commission for arbitration. 

 

	8.2	 The resolution of all disputes related to this Agreement shall be governed by the applicable laws and
regulations of the People’s Republic of China. 

	9.	 Entry into Force and Others 

This Agreement shall come into force after being signed and sealed by the legal representatives or authorized representatives of both parties.

 The rights and obligations of Party B in this Agreement are applicable to the Project Company established by Party B in accordance with
this Agreement. 
 This Agreement is made in six copies, with Party A holding four copies and Party B holding two
copies, all of which have the same legal effect. 
  

	10.	 Exhibit 

The following document shall form part of this Agreement as Exhibit to this Agreement: 

Exhibit: Definitions 
 (The
signature page of the Agreement follows) 

									
	Party A: Administrative Committee of Wuhan Economic and Technological Development Zone	 		 	Party B: Guangdong Xiaopeng Motors Technology Co., Ltd.
			
	Legal Representative/Authorized Representative: /s/ Shibao Liu	 		 	Legal Representative/Authorized Representative: /s/ Bin Xiao
					
	Date:	 	April 8, 2021	 		 	Date:	 	April 8, 2021

 Exhibit 

Definitions 
 The following terms in this
Agreement shall have the following definitions and interpretations: 
  

	1.	 This Agreement is applicable to investment projects in Economic Development Zone (Hannan District) and its co-construction area. 

  

	2.	 The headings are for convenience only and do not affect the interpretation of the contents.

  

	3.	 “Administrative Committee” refers to the Administrative Committee of Wuhan Economic and Technological
Development Zone. 

  

	4.	 “Economic Development Zone” refers to Wuhan Economic and Technological Development Zone (Hannan
District). 

  

	5.	 “Project Company” refers to an independent accounting enterprise with legal person status established
and operated by Party B in the Economic Development Zone of Party A for the performance of this Agreement. 

  

	6.	 “Project Land” refers to the land in Party A’s area referred to in Article 2 of this Agreement.

  

	7.	 “Put into Production” or “Production” means that the Project Company goes through the
confirmation procedures in the relevant parks and receives the confirmation notice of the Project being put into Production. 

  

	8.	 “Reaching Production Capacity” refers to reaching the designed production capacity.

  

	9.	 “Output Intensity” refers to the total output value of Party B’s Project on Party A’s land
per unit area. 

  

	10.	 “Tax Intensity” refers to the total amount of tax paid by Party B’s Project on Party A’s
land per unit area. 

  

	11.	 “Taxes” refers to all taxes paid to the municipality and district, excluding taxes collected by
customs for import and export. 

  

	12.	 “Above”, “More”, “Below” and “Within”, unless otherwise specified, all
include the number. 

  

	13.	 “Force Majeure” refers to the objective conditions unforeseeable, inevitable and insurmountable at
the execution of this Agreement, including but not limited to earthquake, typhoon, flood, fire, war, terrorist act, serious economic crisis, epidemic disease and similar events.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00326-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00326-of-00352.parquet"}]]