Chinese electric vehicle manufacturer XPeng made its first strides on the international stage by deciding to launch its vehicles in Norway. This marks the first occasion on which XPeng has attempted to conduct sales outside of China.
XPeng (XPEV) and its close local competitor Li Auto (LI) both completed their initial public offerings on the New York Stock Exchange this year. To date, shares of both EV manufacturers have more than tripled in value since initial offerings.
Together with fellow Chinese EV company NIO, these companies are now worth more combined basis than the three original Detroit automakers, General Motors (GM), Ford Motor (F), and Fiat Chrysler Automobiles (FCAU).
XPeng’s decision to select Norway as its next target market makes much sense, particularly since the Nordic country announced its intention to ensure that all new cars that are sold will be zero-emission by 2025. Currently, half of all new vehicles sold in Norway are zero-emission. This fact, together with trends such as falling battery costs, rebounding car sales, and government efforts to boost EV usage, put XPeng in a very strong position.
