Xpeng plans to become a global automaker, with half of vehicle deliveries going to countries outside China, vice president and chairman Brian Gu said Wednesday.Xpeng shares rose more than 8% overnight after the company reported a beat on revenue in the third quarter, coming in at 5.72 billion yuan ($887.7 million).
Gu said on Squawk Box Asia said that as a company that focuses on global opportunities, we want to be balanced with our contribution of delivery half from China, half from outside China in the long run.Tesla said in the third quarter that its home market accounted for 46.6% of total sales. China accounted for 22.6% of Tesla’s overall sales, up from just under 20% a year ago. Elon Musk’s automaker opened a factory in Shanghai and began delivering locally made cars just before the onset of the pandemic in January 2020.
Gu said Guangzhou-based Xpeng would invest more in international markets this year and next, and expects to enter Sweden, Denmark and the Netherlands next year. Xpeng began shipping cars to Norway in December 2020. Other Chinese automakers have focused their initial overseas expansion on the country, where government incentives have supported local demand for electric cars.
Xpeng said last month it has produced a total of just over 100,000 cars since its founding six years ago. The company launched its first commercially available vehicle, the G3 SUV, in December 2018. But the P7 sedan, which began deliveries last summer, has proven far more popular and accounts for more than 77% of deliveries.