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MONEY & BUSINESS: Xpeng says it plans to expand into more European markets next year – One America News Network

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MUNICH (Reuters) – Chinese electric vehicle maker Xpeng plans to expand into more European markets, including Germany, Britain and France in 2024, president Brian Gu told reporters on Monday at the IAA Mobility motor show in Munich.

The company will distribute its G9 and P7 EVs into Israel from early next year and will offer its G6 as its first right-handed model, Gu added.

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“We have a bold plan to move into the global arena,” he said. The company already sells in the Netherlands and Norway.

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China’s EV makers are seeking to expand in the region, aiming for higher margins and faster growth in overseas markets and challenging European companies on their home turf with cheaper models.

Chinese EV makers are also struggling with a bruising price war at home that has squeezed their profitability and capped growth.

While their EV sales picked up rapidly in South East Asia and South America, the European market has remained difficult for Chinese auto brands.

Though they are able to offer competitively priced models, Chinese makers have faced challenges in Europe including regulations, EV infrastructure, consumer preferences and brand recognition.

(Reporting by Zhang Yan and Victoria Waldersee; writing by Josephine Mason; editing by Jason Neely)





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