Xpeng has entered into a partnership with Australia's TrueEV, which will be its sole importer, distributor and retailer in the country.
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Xpeng (NYSE: XPEV) has announced its entry into Australia as it pushes forward with V 2.0 of its internationalization efforts.
The Chinese electric vehicle (EV) maker has entered into a partnership with Australian distributor TrueEV, which will bring Xpeng's EVs to local consumers through branded showrooms and customer support throughout the buying process, according to an overnight statement.
TrueEV will be the sole importer, distributor and retailer of Xpeng products in Australia, according to the statement.
TrueEV will debut the Xpeng G6 SUV (sport utility vehicle) in Australia by the fourth quarter of 2024, Xpeng said.
Developed for the global market, the G6 is based on Xpeng's Smart Electric Platform Architecture (SEPA) 2.0 platform, setting the stage for future production models, Xpeng added.
"The partnership with TrueEV in Australia is recognised as a significant step forward in our global expansion strategy," said Alex Tang, general manager of international markets at Xpeng.
"By entering new markets strategically and offering a range of EV models tailored to local customer needs, we aim to solidify our brand position as a leading player in the smart EV sector on a global scale," Tang added.
Xpeng has increased its focus on overseas markets this year, as competition in the domestic market grows red hot.
On February 18 -- the first working day after China's 2024 Lunar New Year holiday -- He Xiaopeng, Xpeng's chairman and CEO, said in an internal letter that 2024 will be the first year of V 2.0 for Xpeng's internationalization efforts.
In an earnings call on March 19, the company's management said it would significantly accelerate its entry into overseas markets in 2024, with plans to launch a left-hand-drive version of the G6 for the global market in the second quarter and a right-hand-drive version of the G6 in the second half of the year.
Xpeng launched the G6 in China on June 29, 2023, with deliveries beginning in early July.
The SUV is a competitor to Tesla's (NASDAQ: TSLA) Model Y, a battery electric vehicle (BEV) that is a global hot seller.
The G6 currently has a starting price of RMB 199,900 ($27,670) in China, lower than the Model Y's RMB 249,900.
So far this year, Xpeng has announced dealer partnerships in several regions including the UAE, Egypt, Thailand, Singapore, Hong Kong, and Macau.
($1 = RMB 7.2250)
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