Chinese electric vehicle maker Xpeng remains committed to Europe for the long term despite pressure it faces from the European Union's tariffs, according to a top company official.
Reflecting on the EU's decision to adopt higher tariffs on Chinese EV imports, Gu said that this has put "a lot of pressure" on its business model.
He didn't confirm whether Xpeng plans to pass the costs of tariffs on to its customers.
Longer term, Gu said that Xpeng plans to become "more local" in Europe, ramping up its manufacturing capabilities in the region.
The development was a major blow to the Chinese EV industry, which has been making significant inroads into Europe over the last several years.
Persons:
Brian Gu, CNBC's Charlotte Reed, Gu, Xpeng
Organizations:
Paris, CNBC
Locations:
Europe, China