Chinese EV maker committed to Europe

Chinese EV makers reiterated their dedication to the European market, where they have been expanding over the past few years.

$XPENG-W(09868.HK)$ said it is “committed to providing high-quality innovative products to the ever-growing European customer base and making long-term commitments to these markets.”

The company added it is “actively assessing the feasibility of establishing local manufacturing capabilities in Europe.” Xpeng currently manufactures all of its cars in China. A European factory could help offset some of the tariffs.

$BYD COMPANY(01211.HK)$ — one of the largest EV makers in China and globally — said last year that it plans to open its first European factory in Hungary, without specifying a timeline.

$NIO-SW(09866.HK)$ meanwhile said on Thursday that it “is fully committed to the European market: we believe in fostering competition and consumer interest, and we hope to reach a resolution with the EU before definitive measures are enforced in November 2024.”