Right-hand drive is a large segment of the overall EV market, and XPeng is determined to build itself into a strong global EV company, the South China Morning Post quoted XPeng's president as saying.
(Image credit: CnEVPost)
XPeng (NYSE: XPEV) is reportedly setting its sights on Hong Kong, after entering the European market.
XPeng would offer a vehicle distinct from existing EVs on the streets of Hong Kong that will appeal to local customers with its advanced technology and unique design, reinforcing its go-global strategy, the report quoted Brian Gu, vice chairman and president of the EV maker, as saying.
The XPeng right-hand drive model will probably hit the Hong Kong market in late 2024, Gu said.
This marks the first step for one of China's major EV makers to enter the Hong Kong market with a right-hand drive model, the report said, adding that XPeng's domestic rivals -- NIO (NYSE: NIO) and Li Auto (NASDAQ: LI) -- have not yet announced plans to sell EVs in Hong Kong.
NIO, based in Shanghai, is currently focusing its international efforts on Europe, and Li Auto, based in Beijing, has not yet begun to venture into international markets.
Right-hand drive is a large segment of the overall EV market, and XPeng is determined to build itself into a strong global EV company, the South China Morning Post quoted Gu as saying.
"By the time we enter, we will probably face pretty significant competition," he said in a keynote session at the South China Morning Post's China Conference: Hong Kong 2023.
"But we do feel that our products will have a different appeal. We want to make sure that the technologies we develop in China can be made available in Hong Kong as well," he added.
On February 3, XPeng announced the launch of its two latest EVs in the European market, the G9 flagship SUV and the new P7 sports sedan, marking the restart of an overseas expansion that XPeng had suspended for much of last year.
He Xiaopeng, the company's chairman and CEO, said on Weibo on June 18 that the company would launch "version 2.0" of its overseas expansion efforts starting in the third quarter with the delivery of the P7 and G9.
After that, XPeng will accelerate its entry into more markets, he said.
Unlike most of the models exported, XPeng expects to bring high-quality, high-tech vehicles to overseas markets and expects to see more and more Chinese brand vehicles around the world, he said.
Earlier today, XPeng announced that it has selected the ACCESS Twine for Car (Twine4Car) in-car infotainment solution to provide apps and games, including prominent streaming services, for its new range of EVs.
This will start with the all-electric XPeng P7 sedan, with European deliveries set to begin this summer, the company said.
XPeng sales in China have been weak over the past year, due to product switches and a weakening in overall EV demand.
The company delivered 7,506 vehicles in May, down 25.87 percent year-on-year but up 6.03 percent from April.
In the January-May period, XPeng delivered 32,815 vehicles, down 38.88 percent year-on-year, according to data monitored by CnEVPost.
By the end of May, XPeng's cumulative deliveries since its inception were 291,525 vehicles.