Chinese electric vehicle maker Xpeng Inc XPEV aims to sell half of its electric vehicle outside China, CNBC reported, citing the company’s president and chairman Brian Gu.
What Happened: Xpeng already sells electric vehicles in Norway and plans to ramp up investment overseas next year including foraying into Sweden, Denmark and the Netherlands in 2022.
The Guangzhou, China-based Xpeng did not provide a timeline or provide more details.
Xpeng had in August announced it would double the production capacity from 100,000 to 200,000 electric cars annually.
See Also: Tesla, Nio Rival Xpeng Unveils Electric SUV G9, Eyeing Customers 'Worldwide:' What You Need To Know
Xpeng has delivered over 10,000 electric vehicles for two consecutive months now.
Why It Matters: Xpeng revealed an electric SUV G9 — its fourth electric vehicle — equipped with its in-house Xpilot semi-autonomous driving system and the lidar technology last week. The automaker plans to sell G9 in both China and overseas.
The G9 is expected to compete with Nio Inc NIO’s ES6 and Tesla Inc’s TSLA Model Y.
Nio, Xpeng and BYD Co BYDDY are among Chinese electric vehicle makers that are eyeing overseas expansion after successfully establishing their brands on home turf.
Price Action: Xpeng shares closed 8.25% higher at $51.30 a share on Wednesday after it reported third-quarter numbers.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
