The logo on an XPeng Inc. P7 performance electric vehicle is seen outside the New York Stock Exchange (NYSE) ahead of the Chinese company’s IPO trading under the stock symbol “XPEV” in New York, U.S.. Electric vehicle maker Xpeng Inc XPEV.N said on Monday it would start building a new car plant in China’s southern city of Guangzhou with 4 billion yuan ($590 million) in financing from the local government.

Xpeng, listed in New York and headquartered in Guangzhou, will start making cars at the factory from the end of 2022. It is already makes P7 sedans and G3 sport-utility vehicles in two existing factories in China.

The Guangzhou city government will provide the financing to Xpeng to build the new plant in the area, Xpeng said in a statement. The new plant will have an annual car manufacturing capacity of 100,000 vehicles.