Tesla’s Chinese Rival Ventures Into Volkswagen’s Home Turf With Car Sales Launch In May – XPeng (NYSE:XPE – Benzinga

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Tesla’s Chinese rival XPeng XPEV has officially entered into the German market dominated by automakers including Volkswagen VWAGY.

What Happened: The launch, announced last week, was part of the company’s European expansion. The company is already present in Denmark, Norway, Sweden and the Netherlands.

“The launch in Germany is a milestone moment for XPENG and we are delighted to be able to take our place in one of the most competitive automotive markets in the world,” Markus Schrick, Managing Director for XPENG Germany, said.

Vehicle sales in Germany will start in May and the company’s G9 flagship SUV and P7 sports sedan models will be showcased at 24 retail locations across the country, XPeng said. The company aims to secure a 3% market share for the new energy vehicle segment in Germany by the end of the year.

Why It Matters: According to European Automobile Manufacturers’ Association (ACEA) data, battery-electric car (BEV) sales grew by a modest 9% to 106,187 units in the European Union in February. However, while Belgium, France, and the Netherlands saw sales rise by double digits year-on-year, BEV registrations in Germany declined by 15.4%.

German player Volkswagen is the biggest automaker in the entirety of the European Union, followed by Stellantis NV STLA. In the first two months of 2024, 452,574 Volkswagen vehicles were registered in the EU, marking a year-on-year jump of 11.5%.

Check out more of Benzinga’s Future Of Mobility coverage by following this link.

Read More: Tesla Model Y Gets $1,000 Price Hike Across The Board In The US

Photo via Wikimedia Commons

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