Xpeng to expand into more European markets in 2022.

MUNICH (Reuters) – Chinese electric vehicle maker Xpeng has exciting plans to expand into more European markets, including Germany, Britain, and France in 2024,⁣ according to president Brian Gu. ​He made this announcement on Monday at the IAA Mobility⁢ motor show in Munich.

The company is also making moves to distribute its G9 and P7 EVs in Israel​ from early next year. Additionally, Xpeng will introduce its G6 ‍as its first right-handed model, catering to specific ⁢markets.

“We have a bold ​plan to move into the global arena,” Gu stated confidently. It’s ‍worth⁤ noting that the⁤ company already sells its vehicles in the Netherlands and Norway.

Chinese electric vehicle manufacturers are eager to expand their presence in⁢ Europe, aiming for higher profits and faster growth ​in overseas ‌markets. ​They are also challenging European companies on their home turf by offering more affordable models.

However, Chinese⁣ EV makers are currently facing a tough price⁢ war‌ in their domestic market, ​which has impacted their profitability and growth. Despite experiencing rapid EV sales in Southeast Asia and South America, breaking into the European market ⁤has proven to be more challenging for Chinese auto brands.

While they can offer competitively priced models, Chinese manufacturers have encountered obstacles in Europe, including regulations, EV⁣ infrastructure, consumer preferences, and brand recognition.

(Reporting by Zhang Yan and Victoria Waldersee;​ writing by Josephine Mason; editing by Jason Neely)

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