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☆ China's Xpeng claims its latest EV model could be an industry 'game changer'
▼ + stars: | 2024-01-05 | by ( Sheila Chiang | ) www.cnbc.com time to read: +4 min

watch nowChinese electric vehicle company Xpeng told CNBC on Friday that its newly launched X9 model could be a "game changer" for the industry. Xpeng launched the X9 large 7-seater EV on Jan. 1, a car built on its SEPA2.0 architecture for the Chinese market. Xpeng's new launch comes as several domestic EV players such as Nio , Huawei and Zeekr recently revealed new electric vehicles. Stiff competitionCompetition is intensifying in the Chinese EV market, with BYD, Li Auto and Geely among the small number of players that have hit their annual sales targets. Gu is optimistic on China's EV market in 2024 despite challenges, saying that "2024 will be a very competitive year" with new model and brand launches.

Persons: Xpeng, Brian Gu, Emily Tan, Gu, Zeekr, Xpeng Xpeng, Guangdong Huitian, Li Auto, Vincent Sun, Xpeng Nio, Li, BYD, Tesla, TrendForce Organizations: CNBC, Jan, EV, Huawei, Guangdong Huitian, Li Auto Locations: China, Europe, Guangdong, U.S

☆ Chinese EV maker Xpeng's operating loss widens on costs tied to production ramp-up
▼ + stars: | 2023-11-15 | by ( ) www.reuters.com time to read: +2 min

A sign of Chinese electric vehicle (EV) maker XPeng Motors is pictured at its booth in a shopping mall in Beijing, China November 3, 2023. Its year-earlier operating loss was 2.18 billion yuan. Revenue for the quarter came in at 8.53 billion yuan, missing analysts' estimates of 8.55 billion yuan. Chinese EV makers have been exporting vehicles to Europe where they get higher prices on their cars than in the domestic market. ($1 = 7.2423 Chinese yuan renminbi)Reporting by Harshita Mary Varghese in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

Persons: Tingshu Wang, Xpeng, Harshita Mary Varghese, Anil D'Silva Organizations: XPeng, REUTERS, HK, U.S, Tesla, Visible Alpha, Revenue, EV, European Commission, Thomson Locations: Beijing, China, Europe, Bengaluru

☆ Jeep, Dodge maker Stellantis to invest $1.6 billion in Chinese EV startup Leapmotor
▼ + stars: | 2023-10-26 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +5 min

Arjun Kharpal | CNBCStellantis on Thursday said it will invest 1.5 billion euros ($1.58 billion) in Chinese electric vehicle startup Leapmotor , as traditional automakers look for a way to compete in China's cutthroat market. The companies will form the Leapmotor International joint venture, aiming to boost sales of the Chinese brand's electric cars overseas. China, the world's biggest electric vehicle market, is dominated by domestic company BYD , as well as U.S. automaker Tesla . Traditional vehicle companies have been seen to be too slow to transition to manufacturing electric vehicles, hampering potential growth in the Chinese market. Stellantis eyes China boostThe deal could boost Stellantis' efforts in China, by having a local partner lead the way.

Persons: Arjun Kharpal, Li Auto, Stellantis, Abhik Mukherjee, Carlos Tavares, Leapmotor, Zhu Jiangming, Counterpoint's Mukherjee, Bill Russo Organizations: Leapmotor, CNBC, International, JV, Chrysler, Maserati, Tesla, Huawei, Counterpoint Research, EV, IAA, Guangzhou Automobile Company Locations: Leapmotor . China, China, Hangzhou, Munich, Greater China, Europe, Stellantis, China's Xpeng

☆ VinFast aims to sell up to 50,000 EVs in 2023 — but it has only hit 23% of its target so far
▼ + stars: | 2023-09-28 | by ( Sheila Chiang | ) www.cnbc.com time to read: +5 min

Lisa Baertlein | ReutersVietnamese electric vehicle maker VinFast's ambitious plan to deliver as many as 50,000 vehicles this year is "unrealistic," according to one analyst. VinFast said it expects to deliver 40,000 to 50,000 vehicles in 2023 despite a weak global economy. In April, Green SM launched a pure EV taxi service in Vietnam with VinFast models. "VinFast's ambitious EV plan seems unrealistic. For example, VinFast's VF9 model is priced from $83,000 whereas the Tesla Model X is priced from $68,590 after federal tax credit and gas savings.

Persons: Lisa Baertlein, VinFast, Vingroup, Green, David Byrne, Tesla, XPeng, Lê Thị Organizations: Reuters, Smart Mobility, Green SM, EV, LightStream Research, P Global Mobility, CNBC, Nasdaq, Our U.S, Tesla Locations: Los Angeles, Vietnam, U.S, North America, Europe, Asia, Middle East, Our, North Carolina

☆ China's Xpeng says German carmakers ready to tackle crisis as EV race hots up
▼ + stars: | 2023-09-06 | by ( ) www.reuters.com time to read: +4 min

REUTERS/Angelika Warmuth/File Photo Acquire Licensing RightsMUNICH, Sept 6 (Reuters) - German carmakers are ready to tackle their worst crisis, an executive at Chinese EV maker Xpeng said on Wednesday, as China's carmakers expand overseas, putting pressure on Europe in the race to electrify. Globally, China leads EV sales, the latest data from tech industry researcher Counterpoint shows. The U.S. has the fastest growing EV sales with Germany in third place. "The Chinese companies are flooding into overseas markets like mushrooms, deepening their sense of crisis," Gu said. German Chancellor Olaf Scholz said EV competition from abroad should be a spur, not a worry for German carmakers.

Persons: Olaf Scholz, Hildegard Mueller, Markus Soeder, Angelika Warmuth, Xpeng, Brian Gu, Gu, Jia Jianxu, Zheng, Zhang Yan, Victoria Waldersee, Josephine Mason, Elaine Hardcastle Organizations: German Association of, Automotive, REUTERS, Rights, HK, IAA, EV, Germany, Reuters, Volkswagen, SAIC, Xuanyuan Academy, Germany's IAA, New Energy Vehicle Congress, Gang, Thomson Locations: Bavarian, Munich, Germany, Europe, Xpeng, China, U.S, Britain, France

☆ China's Xpeng says German carmakers ready to tackle crisis in EV race
▼ + stars: | 2023-09-06 | by ( ) www.reuters.com time to read: +4 min

Globally, China leads EV sales, the latest data from tech industry researcher Counterpoint shows. The U.S. has the fastest growing EV sales with Germany in third place. Chinese companies including Xpeng, BYD and Leapmotor (9863.HK) are seeking the higher margins and faster growth overseas markets can offer, which means they are challenging European companies on their home turf with cheaper models. "The Chinese companies are flooding into overseas markets like mushrooms, deepening their sense of crisis," Gu said. German Chancellor Olaf Scholz said EV competition from abroad should be a spur, not a worry for German carmakers.

Persons: Olaf Scholz, Hildegard Mueller, Markus Soeder, Angelika Warmuth, Xpeng, China's carmakers, Brian Gu, Gu, Mueller, ” Gu, “, ”, Jia Jianxu, Zheng, Zhang Yan, Victoria Waldersee, Josephine Mason, Elaine Hardcastle Organizations: German Association of, Automotive, REUTERS, Rights, HK, IAA, Automotive Industry, EV, Germany, Reuters, Volkswagen, SAIC, Xuanyuan Academy, Germany's IAA, New Energy Vehicle Congress, Gang, Thomson Locations: Bavarian, Munich, Germany, Europe, China, U.S, Britain, France

☆ China's Xpeng to acquire Didi's smart EV unit in deal worth up to $744 mln
▼ + stars: | 2023-08-28 | by ( Josh Ye | ) www.reuters.com time to read: +2 min

REUTERS/Brendan McDermid/File photo Acquire Licensing RightsHONG KONG, Aug 28 (Reuters) - Chinese electric car company Xpeng (9868.HK) said it will acquire ride-hailing giant Didi's smart electric vehicle (EV) unit in a deal worth as much as $744 million and the two companies will form a strategic partnership. As part of the deal, Xpeng will launch an A-class model next year under a new brand, currently called MONA, aiming to expand in the mass-market segment with the car to be priced in the $20,000 price tier. "Project 'MONA' will accelerate the Company's production and sales growth and help achieve greater economies of scale," Xpeng said in a statement. The deal comes amid slowing demand and excess manufacturing capacity in China's EV industry that has made it hard for relative newcomers such as Didi to enter the market. Didi will acquire around 3.25% of Xpeng shares under the deal, which could increase depending on whether production and sales targets are fulfilled.

Persons: Didi, Brendan McDermid, HONG KONG, Xpeng's, Xpeng, MONA, robotaxis, Josh Ye, Edwina Gibbs Organizations: New York Stock Exchange, REUTERS, HK, EV, Thomson Locations: New York City, U.S, HONG

☆ China's Xpeng falls on dull forecast as EV price war takes toll
▼ + stars: | 2023-08-18 | by ( ) www.reuters.com time to read: +2 min

The logo on an XPeng Inc. P7 performance electric vehicle is seen outside the New York Stock Exchange in New York, U.S., August 27, 2020. The Chinese electric vehicle-maker forecast revenue of 8.5 billion yuan to 9 billion yuan for the current quarter ending September, below estimates of 9.77 billion yuan ($1.34 billion), according to the average estimate of six analysts by Refinitiv. The forecast underscores weak demand in China and intense competition following price cuts unleashed by Tesla (TSLA.O) and other home-grown automakers. In the second quarter ended June 30, Xpeng's revenue decreased 32% to 5.06 billion yuan, in line with estimates. ($1 = 7.2905 Chinese yuan renminbi)Reporting by Yuvraj Malik in Bengaluru; Editing by Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

Persons: Mike Segar, Tesla, Hongdi Brian Gu, Yuvraj Malik, Sriraj Organizations: New York Stock Exchange, REUTERS, HK, Refinitiv, Thomson Locations: New York, U.S, China, Bengaluru

☆ Global automakers scramble to reset China strategies as sales slow
▼ + stars: | 2023-07-27 | by ( ) www.reuters.com time to read: +6 min

Global automakers, who for years have dominated the market along with their Chinese state-run partners, have been slow to pivot to the fast-growing market for EVs with competitive offerings. "This major collaboration between Volkswagen and Xpeng is a milestone for our electrification strategy 'in China for China'," said Ralf Brandstatter, a VW board member on his social media account. Their deeper pockets give established foreign automakers who are determined to fight for share in China, the ability to play a long game. Kia (000270.KS) is to enter China's EV market with its first EV, the EV6 crossover, via imports in August. "The German brands benefit from significant global scale," said He Lei, CEO of Chinese EV trading platform xChuxing.

Persons: Aly, Yale Zhang, Ralf Brandstatter, We've, Mary Barra, Tu Le, Yang Honghai, Kia, Mercedes Benz, Volkswagen's Audi, Lei, It's, Bill Russo, Automobility, Zhang Yan, Brenda Goh, Kevin Krolicki Organizations: Audi, Volkswagen, Auto, REUTERS, General Motors, Toyota, China Association of Automobile Manufacturers, Global, BMW, Mitsubishi, Automotive Foresight, GM, Reuters Graphics Volkswagen, BYD, China's Xpeng, HK, SAIC, VW, Buick, Chevrolet, Cadillac, CHINA EV INC, Tesla, China EV Inc, Volkswagen's, EV, Mitsubishi Motors, Nissan, Ford, Renault, Thomson Locations: Auto Shanghai, Shanghai, China, SHANGHAI, CHINA, Kia China, KS

☆ China's Xpeng sees sales turnaround in second half with new EV model
▼ + stars: | 2023-07-05 | by ( ) www.reuters.com time to read: +2 min

Xpeng has received a "significant" amount of orders for its newly launched G6 pure electric crossover, president Brain Gu told reporters on Wednesday. Xpeng, which saw first-half sales drop by 40%, will start the delivery of its G6 compact crossover this month with a starting price 20% lower than Tesla's best-selling model of Model Y. With G6, Xpeng also introduced its most advanced autonomous driving capabilities into the category of EVs priced at 250,000 yuan ($34,500.37) or below, Gu said. Shares of Xpeng in Hong Kong had gained more than 20% after it announced prices for the G6 last Thursday. ($1 = 7.2463 Chinese yuan renminbi)Reporting by Zhang Yan and Brenda Goh; Writing by Meg Shen; Editing by Toby Chopra and Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

Persons: Xpeng, Brain Gu, BYD, Gu, Zhang Yan, Brenda Goh, Meg Shen, Toby Chopra, Devika Organizations: Tesla, Thomson Locations: SHANGHAI, HK, Shanghai, China, Hong Kong

☆ China's Xpeng expands self-driving capability to Beijing, eyes wider expansion
▼ + stars: | 2023-06-16 | by ( ) www.reuters.com time to read: +1 min

HONG KONG, June 16 (Reuters) - Chinese electric vehicle maker Xpeng Inc (9868.HK) on Thursday expanded its self-driving capability to Beijing as part of the automaker's expanded launch of City NGP (Navigation Guided Pilot) across the mainland. City NGP is now available in Guangzhou, Shenzhen, Shanghai and Beijing, with plans to expand it to dozens of cities within this year, Xpeng said in a statement. Xpeng said the latest launch made the company China's first Advanced Driver Assistance System (ADAS) available in the urban areas of Beijing and applicable on the major ring roads and expressways. City NGP can be accessed on some Xpeng models including G9 Max, P7i Max, and the P5 P version, it added. Reporting by Donny Kwok; Editing by Stephen CoatesOur Standards: The Thomson Reuters Trust Principles.

Persons: Xpeng, P7i Max, Tesla, Donny Kwok, Stephen Coates Organizations: Xpeng, HK, Thomson Locations: HONG KONG, Beijing, . City, Guangzhou, Shenzhen, Shanghai, China

☆ China's Xpeng aims to cut costs with new vehicle manufacturing platform
▼ + stars: | 2023-04-16 | by ( ) www.reuters.com time to read: +2 min

[1/5] He Xiaopeng, the co-founder, chairman and CEO of XPeng Motors attends a news conference ahead of the Shanghai Auto Show, in Shanghai, China April 16, 2023. REUTERS/Aly SongSHANGHAI, April 16 (Reuters) - China's electric vehicle (EV) maker Xpeng (9868.HK) unveiled on Sunday a new platform it developed in-house for making vehicles, which it said will reduce the development and manufacturing costs for its company's upcoming models. He said that these cost reductions would give Xpeng an edge against its rivals in an increasingly competitive market. Xpeng will build its G6 SUV, which will debut at the Shanghai auto show starting on Tuesday, as the first model to be built on the SEPA 2.0, according to the company. Xpeng's rival Tesla (TSLA.O) uses massive casting machines, also known as gigapresses, to make large single pieces of vehicle underbodies.

Now, Chief Executive Elon Musk is using that superior profitability as a weapon in the EV price war he started. That emboldened automakers to push EV prices higher. Vietnamese EV startup Vinfast said Thursday it will use price promotions to fight back against Tesla. Chinese EV market leader BYD Co Ltd(002594.SZ) announced price increases effective Jan. 1 after Beijing phased out EV subsidies. However, BYD's gross margins of $5,456 per vehicle give it more headroom in a price war than VW, Toyota or GM.

☆ China's Xpeng says CATL is no longer its largest battery supplier
▼ + stars: | 2022-09-21 | by ( Olivier Sorgho | ) www.reuters.com time to read: +2 min

REUTERS/Mike Segar/File PhotoSHANGHAI, Sept 21 (Reuters) - Xpeng (9868.HK) has diversified its battery suppliers and no longer counts industry giant CATL (300750.SZ) as its primary supplier, the Chinese electric car maker's president said on Wednesday. "We have already diversified our battery supplier arrangement. CATL is no longer our largest material supplier. We actually have worked with several high-quality battery suppliers, for example, EVE, CALB," Gu said. Register now for FREE unlimited access to Reuters.com RegisterReporting by Zhang Yan and Brenda Goh; Editing by Lisa ShumakereOur Standards: The Thomson Reuters Trust Principles.

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