Chinese electric vehicle manufacturer Xpeng is set to broaden its presence in several European markets, including Germany, Britain, and France, in 2024, according to President Brian Gu. This announcement was made at the IAA Mobility motor show in Munich. Additionally, the company plans to introduce its G9 and P7 electric vehicles into the Israeli market starting early next year. Furthermore, Xpeng intends to release its G6 model as its first right-hand-drive variant.
Gu expressed the company’s ambitious global expansion strategy, stating, “We have a bold plan to move into the global arena.” Xpeng already has a presence in the Netherlands and Norway.
Chinese electric vehicle manufacturers are actively seeking expansion in the European market, with the aim of achieving higher profit margins and faster growth in international markets. They are also positioning themselves to challenge European automakers on their home turf by offering more affordable electric models.
In China, these manufacturers have been contending with a fierce price war that has negatively impacted their profitability and growth potential. While their electric vehicle sales have been on the rise in Southeast Asia and South America, the European market has proven challenging for Chinese automotive brands.
Despite offering competitively priced models, Chinese manufacturers face obstacles in Europe, including regulatory hurdles, the need for electric vehicle infrastructure, varying consumer preferences, and limited brand recognition.
