Chinese EV maker Xpeng (XPEV) on Monday said it began delivery of its first G3 electric SUVs to Norway. Xpeng stock rose.
The company will deliver 100 of its G3 vehicles to buyers in Norway, marking the first time it’s directly delivering to individuals in Europe. With a range of 323 miles, the G3 sells for $41,000.
The G3 available in Norway features an English language user interface, with the AI-powered voice assistant, intelligent navigation and remote APP control.
While the domestic Chinese market remains Xpeng’s primary customer base, Norway represents company’s first step into Europe, with plans for other markets in development. Xpeng is also planning to launch its second production model, the P7 electric sports sedan, in Europe within the next 12 months.
“Our launch in Europe comes just as consumers are shifting in increasingly large numbers to more sustainable personal transport, and at a tipping point where governments around the world are stepping up their zero emission efforts,” said Xpeng CEO He Xiaopeng in a press release.
Established in 2015, Xpeng launched its first production model in December 2018. Year-to-date deliveries of its smart EVs reached 21,341 units by the end of November, representing an 87% increase year-over-year, the company said.
Shares rose 0.75% to 46.72 on the stock market today. Xpeng stock rocketed to an all-time high of $74.49 intraday on Nov. 24, but dropped nearly 42% intraday on Dec. 10, according to MarketSmith chart analysis. It is still trading above its 50-day line.
Xpeng is racing to manufacture new models and increase sales to build a foothold in Europe and elsewhere. But China is still the largest market for all EV makers.
“China remains a greenfield EV market opportunity as we believe overall EV sales can potentially double in the region over the next few years given the pent-up demand for EV vehicles across all price points,” said Wedbush analyst Daniel Ives in a recent note. “We believe China could see eye popping demand into 2021 and 2022 across the board with Tesla’s flagship Giga 3 footprint a major competitive advantage, as domestic players such as BYD, Nio, Xpeng, and Li also are also firing on all cylinders.”
Tesla (TSLA) dominates the luxury segment in China. In November, it delivered more than 21,000 Model 3 cars built at its Gigafactory 3 in Shanghai. By comparison, Nio’s November sales more than doubled to 5,291 cars from last year, Li Auto reported a 26% sales jump to more than 4,500 units, while Xpeng’s sales more than quadrupled to 4,224 units.
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