Xpeng Motors will launch the P5 sedan at an event held in Guangzhou, China on April 14, 2021. The P5 is Xpeng’s third production model, powered by so-called Lidar technology.
Arjun Kharpal | CNBC
Beijing — Chinese electric vehicle companies are competing to increase production faster than Tesla’s early days.
Rival electric car startup Nio In April it said it reached its 100,000 car production milestone. The US-listed company was founded under a different name in late November 2014 and became Nio in July 2017, about four years ago.
For comparison, Elon Musk’s tesla Produced 100,000 units over 12 years since its launch in 2003 According to public documents. Tesla faces many production delays in particular In the early days. Later, a US-based electric vehicle manufacturer built a new plant in Shanghai, Berlin, to increase production capacity.
To be clear, Tesla is still much larger in comparison.
Electric car makers crossed More than a year ago, in March 2020, the 1 millionth car mark, Musk said in a tweet.
In the third quarter alone, it reached 238,000 units. The company’s stock has increased by 11% year-to-date.
Xpeng’s US-listed stock has fallen 12% so far this year. Nio’s inventory has fallen by more than 25% year-to-date.
Chinese battery and car manufacturer BYD Said it created in May 1 million passenger cars in the new energy vehicle category, This includes battery-only and hybrid vehicles.
BYD’s shares traded in Hong Kong have risen by more than 25% so far this year.The company’s backers include American billionaire Warren Buffett Berkshire Hathaway..
China’s Xpeng, Nio manufactures 100,000 electric vehicles in less time than Tesla
Source link China’s Xpeng, Nio manufactures 100,000 electric vehicles in less time than Tesla