Please ensure Javascript is enabled for purposes of website accessibility

Xpeng Is Exporting More Electric Vehicles to Europe

By John Rosevear - Feb 4, 2021 at 12:00PM

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The numbers are small, but it's an important move for the company.

Chinese electric-vehicle maker Xpeng (XPEV 7.60%) said that it's shipping a batch of SUVs to Norway, the second shipment in the upstart automaker's effort to build a market for its vehicles in Europe.

Xpeng said that "over 200" of its battery-electric G3 SUVs were loaded onto a ship in the port of Guangzhou that departed for Norway on Thursday. 

Norway has the highest rate of electric-vehicle ownership in the world, a result of favorable government policies and early enthusiasm for Tesla's (TSLA 7.43%) Model S. The G3, priced at about $41,000 in Norway, offers local buyers a more affordable option with good range and fairly advanced technology. 

Rows of Xpeng G3 electric SUS parked on a pier next to a ship.

Over 200 Xpeng G3s left on a Norway-bound freighter on Thursday. image source: Xpeng.

Xpeng delivered its first batch of G3s to Norway in December. Those vehicles, the company said, will soon receive an over-the-air update that will add new voice-command options and upgrades to the vehicles' adaptive cruise control and lane-centering systems. 

The numbers are small, but the fact that Xpeng is able to sell vehicles in Europe is a powerful marketing tool that it can use at home in China. While Tesla sells vehicles all over the world, Xpeng's local rivals -- NIO (NIO 9.49%) and Li Auto (LI 7.95%) -- have yet to sell vehicles outside of China, much less in what is seen as an advanced market with high standards. 

Xpeng said earlier this week that it delivered 6,015 vehicles in China in January, its third straight monthly record. The company is expected to report its 2020 earnings later this month. 

Invest Smarter with The Motley Fool

Join Over 1 Million Premium Members Receiving…

  • New Stock Picks Each Month
  • Detailed Analysis of Companies
  • Model Portfolios
  • Live Streaming During Market Hours
  • And Much More
Get Started Now

Stocks Mentioned

XPeng Inc. Stock Quote
XPeng Inc.
$22.08 (7.60%) $1.56
Tesla, Inc. Stock Quote
Tesla, Inc.
$707.73 (7.43%) $48.93
Nio Inc. Stock Quote
Nio Inc.
$16.03 (9.49%) $1.39
Li Auto Inc. Stock Quote
Li Auto Inc.
$24.18 (7.95%) $1.78

*Average returns of all recommendations since inception. Cost basis and return based on previous market day close.

Related Articles

Motley Fool Returns

Motley Fool Stock Advisor

Market-beating stocks from our award-winning service.

Stock Advisor Returns
S&P 500 Returns

Calculated by average return of all stock recommendations since inception of the Stock Advisor service in February of 2002. Returns as of 05/26/2022.

Discounted offers are only available to new members. Stock Advisor list price is $199 per year.

Premium Investing Services

Invest better with The Motley Fool. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services.