Chinese smart electric vehicle (EV) start-up Xpeng Motors expects to sell half of its vehicles overseas, even though the country’s technology firms are increasingly concerned about getting caught in the crossfire of rising US-China tensions, reports the South China Morning Post. The Guangzhou-based carmaker, which went public in Hong Kong and New York in 2020, has global ambitions and plans to expand further in Europe.
“The competitiveness of Chinese products in Europe will allow us to make it a more important market in the future,” Brian Gu, Xpeng’s vice-chairman and president, told “Integral Conversation”, an event hosted by Hong Kong textile manufacturer Esquel Group in Guilin, in China’s southern Guangxi region, this week.
“If we do it successfully, most of our future sales will come from international markets, maybe half,” he added, without giving a specific timeline for achieving this goal. “Europe has welcoming policies and an open market, making it easier for Chinese brands to enter.”