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Chinese Tesla rival Xpeng wants to sell half of its cars overseas
Chinese electric car start-up $XPeng (XPEV.US)$ plans to become a global automaker, with half of vehicle deliveries going to countries outside China, vice president and chairman Brian Gu said Wednesday.
Gu said the company expects to enter Sweden, Denmark and the Netherlands next year.
Xpeng and Chinese rivals $NIO Inc (NIO.US)$ and $BYD Company ADR (BYDDY.US)$ have already begun expanding to Norway in the last year.
Profitability still elusive
U.S.-listed Xpeng’s shares rose more than 8% overnight after the company reported a beat on revenue in the third quarter, coming in at 5.72 billion yuan ($887.7 million). That topped expectations of 5.03 billion yuan, according to StreetAccount.
However, the start-up reported a greater-than-expected loss of 1.77 yuan (27 cents) per share, versus expectations of an 1.17 yuan loss, according to StreetAccount.
Gu said Wednesday he expects the automaker can reach breakeven in two years.
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FiveHundredCents
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Trump 2.0 Era: What's the next opportunity in the markets?
▪️Could Trump's crypto policies potentially benefit the crypto market? ▪️Might his tariff policies have a positive effect on Chinese stocks
Michael McCarthy CCO
Jan 3 11:57
Ask a strategist - Trump's first day
earning_s : The excitement was due to the latest earnings report from fast-growing XPeng?
RocketProfits 2 : US wealth sentiment wants no part of China. Still has a following among the poor tho.
7-boy : So far, only $Tesla (TSLA.US)$ make profit.