Shares of Xpeng (NYSE:XPEV) are getting a lift at the open after the company said it will increase its exposure to the European market through partnerships with regional dealerships.
As part of a broader strategy to increase competition with its Chinese rivals and build its overseas markets to contribute 50% to sales within the next 10 years, Xpeng (NYSE:XPEV) will partner with Switzerland’s Hedin Group to launch the 2025 G6 and G9 SUV in the country, expanding into Austria, Hungary, Slovenia, and Croatia. The operations in Hungary, Slovenia, and Croatia will be managed through a joint venture with AutoWallis Group and Salvador Caetano Group.
The move further into Europe intends to mirror Xpeng’s (NYSE:XPEV) successful integration in Germany where the company operates 35 sales outlets across the country.
Between January and August, Xpeng (XPEV) delivered nearly 25K vehicles overseas, an increase of 137% from the same period last year. The majority of these exports land in Europe and Southeast Asia with Norway, Sweden, and Thailand the company’s largest overseas markets.