CEO of Xpeng, He Xiaopeng, announced that the company is planning to launch its battery electric vehicle (BEV) Mona in Europe next year, intensifying the competition in the region as local companies try to fend off Chinese rivals with their own EVs.
Xpeng is a Chinese auto firm that was founded in 2014 before expanding to the foreign market in 2020. Originally, the company planned to establish its presence in 60 countries by the end of the year, but the CEO stated that the company had already accomplished it.
Besides Xpeng, other Chinese companies also push themselves into the European market, like BYD, which managed to outsell Tesla in Europe for the first time back in April. Still, these companies also face challenges, both abroad and back home.
In Europe, the region imposed a 45.3% tariff on Chinese-built EVs, while in China, the price war became so intense that the government had to step in to halt the competition. Xiaopeng stated that in the coming years, many Chinese carmakers will go out of business.
The Xpeng CEO uses this opportunity to announce the plan to purchase other businesses. The company has not made this kind of arrangement since 2023, when it acquired Didi’s EV development business, worth about USD 744 million.
