Chinese EV major XPeng (NYSE: XPEV) plans to expand into European markets, including Germany, Britain, and France next year. The company’s President, Brian Gu, announced the new expansion plans on Monday at the IAA Mobility Motor Show in Munich.
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Providing further details of the company’s plans, Gu commented that XPeng will distribute its G9 and P7 EVs in Israel from early next year and will offer its G6 as the company’s first right-handed model. Gu commented, “We have a bold plan to move into the global arena.”
XPeng has already made a foray into Europe with sales in the Netherlands and Norway. However, the European market has been a difficult frontier to conquer for Chinese EV players as they face struggles including regulations, EV infrastructure, and shifting consumer preferences.
Overall, analysts are cautiously optimistic about XPEV stock with a Moderate Buy consensus rating based on eight Buys, three Holds, and three Sells.