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China's EV maker XPeng eyes doubling global presence by year's end
/ Photo: © AFP
NYSE - LSE
China's EV maker XPeng eyes doubling global presence by year's end
One of China's leading electric vehicle makers XPeng plans to double the number of countries in which the company operates by the end of this year, its CEO said Saturday.
Founded in 2014, XPeng is one of the Chinese firms in the sector with the strongest international ambitions, focusing in particular on cutting-edge technologies and design.
"We are going to accelerate from the 30 countries and regions where we were present in 2024," XPeng founder and chief executive officer He Xiaopeng told a news conference in the southern Guangzhou city, overseeing a shipment of XPeng cars to Thailand.
"This year, we will increase to 60 and will have established more than 300 after-sales service points worldwide," he said.
XPeng which designs high-end cars, already has stores in several European countries, including France, Germany, Sweden and Norway.
"Over the 10-year period from 2024 to 2033, we expect half of XPeng's sales to come from outside China," he said.
The ambitious plan comes despite the obstacles posed by the European Union, which has imposed extra import tariffs on China-made electric vehicles of up to 35.3 percent after concluding Beijing's state support was unfairly undercutting European automakers.
XPeng is banking that its bespoke features -- such as driving assistance, rapid recharging and modular interiors -- would help it stand out from the crowd in the fiercely competitive Chinese market.
On Saturday, He forecast the possible demise of certain Chinese electric vehicle manufacturers when faced with intense rivalry over price, service and technological advances.
"This year marks the start of the elimination phase in China. I think it's going to be extremely intense in 2025, 2026 and 2027," He said.
A record 10.9 million hybrid and electric vehicles were sold in the country last year, up more than 40 percent from 2023, according to the China Passenger Car Association (CPCA).
The Chinese electric vehicle market has witnessed explosive growth in recent years, driven in part by generous subsidies from Beijing.
China's government has supported the development and production of less polluting battery-powered vehicles, a field where Chinese manufacturers such as BYD and XPeng are leading the way.
E.Yeon--SG
