Chinese leading short electric vehicle Xpeng is pushing aggressively into the international markets after it launched two of its flagship vehicles across a number of European countries.
The company revealed that the revamped version of its P7 sedan and its G9 sports utility vehicle SUV are available for order in Sweden, Denmark, Netherlands, and Norway.
The company’s president Brian GU via a press statement revealed that the launch of the vehicles is a significant milestone for Xpeng as it continues to deepen its presence in the international market.
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The Guangzhou-based car maker which went public in Hong Kong and New York in 2020, has global ambitions and continues to expand further in Europe. Last month, it stated that it will open four vehicle delivery and service centers for the European market in Norway, the Netherlands, Sweden, and Denmark in the first half of 2023.
Xpeng had already begun delivering Chinese-made electric vehicles to Norway in September 2020 and has opened several showrooms in cooperation with local dealers in the continent, including a direct sales store in Stockholm, Sweden. The company has sold 1,264 vehicles in Norway so far, while BYD has delivered 2,710 Tang crossovers
Meanwhile, Xpeng which has sought to challenge Tesla in China though still remains significantly behind Elon Musk’s carmaker when it comes to deliveries, and is also facing a price war with established Chinese EV maker BYD, which focuses on affordability.
The Chinese electric automaker is also gearing up to launch its eVTOL into the air as it secures a key regulatory green light. Xpeng is pursuing these ambitions at a time its main EV business is hitting a speed bump.
The carmaker has pushed back its profit goal until 2025 after a disappointing 2022, in which it delivered less than half of its annual sales target earlier this week.
The company shares plunged 80% and it delivered less than half its annual sales target. Having previously aimed to break even by late 2023 or early 2024, the Guangzhou-based automaker now expects to turn an operating profit in 2025.
To achieve that goal, Xpeng Chief Executive Officer He Xiaopeng stated that he is making a bold bet on full self-driving, a technology that even leading EV company Tesla hasn’t been able to perfect despite years of work.
He is aiming to snare at least 20% of what he calls the “all-intelligent vehicle” market, referring to cars “infinitely close to Level 4 autonomous driving” where the vehicle can handle complex urban situations.
Xiaopeng further disclosed that while no mass-produced passenger cars currently available meet that definition, he said rapid developments in technology will see the market grow to around 5 million vehicles a year in five years.
Tesla is also ramping up production in the country.
Tesla is set to increase output in Shanghai, China, to 20,000 units per week after price cuts increased demand for its cars, Reuters reports, citing a memo. The electric vehicle company cut prices in its lucrative Chinese market on the Model Y and 3 cars by up to 9.4% amid the global economic slowdown, resulting in renewed customer interest. Hoping to boost its disappointing performance over the past year, the company made similar price cuts in the U.S. and Europe, aggravating rivals as well as some customers who made purchases before the discounts.