XPEV - Xpeng reveals plans of expanding its footprint in Europe
2023-09-04 17:19:21 ET
Xpeng Inc (NYSE: XPEV) just announced plans of expanding its footprint in Europe. Its shares will likely open in the green on Tuesday.
Xpeng will enter Germany in 2024
The EV startup based out of Guangzhou, China is planning a debut next year in France, Germany , and the United Kingdom with its P7 sports sedan and the G9 SUV.
European markets where it already has delivery as well as service centres include the Netherlands, Sweden, Norway, and Denmark. Brian Gu – the President of Xpeng said today at the International Mobility Show Germany:
Europe is a very important market – the second largest EV market in the world. Comparing our products to what’s offered here, we are confident that we provide significant product strengths.
Last week, Xpeng said it will buy the smart electric vehicles segment of DiDi Global as Invezz reported here . Its shares are currently down about 20% versus their year-to-date high.
Xpeng has partnered with Volkswagen
Xpeng wants to explore the conventional dealership approach to make its vehicles available in Germany.
It is working diligently to secure up to 20 distribution partners this year and double that number by the end of 2024. Speaking with CNBC at the IAA Mobility auto show, President Gu also said on Monday:
“The global EV market is still very nascent compared to Chinese market. So, there’s a lot more growth potential and I think there’s more upside of focusing investing in global markets.”
About a month ago, Volkswagen revealed a $700 million stake in this Chinese electric vehicles company that saw its revenue jump 25.5% sequentially in the second quarter. The German automaker has also partnered with Xpeng on building two new models.
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