Beijing-China’s electric vehicle start-ups Xiaopeng Brian Gu, vice president and chairman, said on Wednesday that it plans to become a global automaker, with half of its cars delivered to countries outside of China.
“As a company focused on global opportunities, in the long run, we want to maintain a balance with our delivery contribution-half from China and half from outside China -” Gu said in an exclusive interview with CNBC’s Arjun Kharpal.Squawk Box Asia.”
Gu did not provide a specific time frame for achieving this goal.
In contrast, the U.S. Tesla It said in the third quarter that its domestic market accounted for 46.6% of total sales.
China Accounted for 22.6% of Tesla’s total sales, Which is less than 20% higher than a year ago. Elon Musk’s automaker has opened a factory in Shanghai and will begin delivering locally-made cars before the pandemic begins in January 2020.
Gu said that Guangzhou-based Xiaopeng will invest more in the international market this year and next year, and is expected to enter Sweden, Denmark and the Netherlands next year.
Xiaopeng Motors started shipping cars to Norway in December 2020. Other Chinese automakers have focused their initial overseas expansion on the country, where government incentives support local demand for electric vehicles.
Chinese startups listed in the U.S. Wei Lai Opened a flagship store in Oslo and started delivering cars locally in September.
BYDWith the support of American billionaire Warren Buffett, Start shipping electric cars to Norway this summer, And plans to deliver 1,500 cars there by the end of this year. Last week, BYD said that after similar expansions in October to Brazil, Mexico, Colombia, Uruguay, Costa Rica and the Bahamas, it began delivering products to the Dominican Republic.
After the US-listed Xiaopeng Motors announced its third-quarter revenue of more than 5.72 billion yuan (887.7 million US dollars), its stock price rose by more than 8% overnight. According to StreetAccount, this exceeded expectations of 5.03 billion yuan.
However, according to StreetAccount data, the startup reported a loss of 1.77 yuan (27 cents) per share, which was higher than expected, compared to expectations of 1.17 yuan.
Gu said on Wednesday that he expects the automaker to break even within two years.
At the end of 2019, before the coronavirus pandemic and the consequent chip shortage, Gu told CNBC that he expected Break even in about two or three years — If the company can produce 150,000 cars per year.
Xiaopeng Motors said last month that it had A total of more than 100,000 cars have been produced Since its establishment six years ago.
The company launched its first commercial vehicle, the G3 SUV, in December 2018. But according to Gu, the P7 sedans delivered last summer have proven to be more popular, accounting for more than 77% of deliveries.
Xiaopeng Automobile started to deliver the third electric model P5 sedan in October. Last week, the startup showed off a new electric SUV, Xpeng stated that G9 is designed for the international and Chinese markets.