Xpeng Motors Rolls Out 10,000th EV With Plans Of Further Expansion
China's Tesla challenger, Xpeng Motors, just hit an important milestone this week as it rolled out its 10,000th fully-electric vehicle. The Chinese electric manufacturing company celebrated the event at its production line in Zhengzhou city this week, marking a successful run since it began delivering orders in December of last year.
The 10,000th vehicle to roll out of the production line was the company's Xpeng G3, an all-electric sports utility vehicle (SUV) that boasts a certified range of 365 kilometers on a single charge. According to Xpeng's chairman and chief executive officer,
He Xiaopeng, the milestone is a particularly important one for the company as it does validate its ability to deliver its promises to customers. The milestone is apparently also a testament to the company's ability to manage its sales and distribution strategies.
After having reached the important milestone, Xpeng announced that it was still planning further expansion to take on global electric vehicle providers. The company's new factory in Zhaoqing city is nearly completed. The new facility will be assembling the company's fully-electric sports coupe called the P7. The four-door sedan is expected to launch in December and is set to take on competitors such as Tesla's Model S.
To fund its planned expansions, Xpeng is reportedly planning to launch its C round of fundraising. The new funding round will reportedly be on the same scale as its previous B and B plus rounds. The previous two funding rounds managed to raise more than $925 million.
Apart from manufacturing electric vehicles, Xpeng's strategy to beat its competitors will be to focus on providing an innovative software ecosystem that will include an over-the-air (OTA) platform, autonomous driving, and other smart features.
Xpeng is currently one of the leading manufacturers in the country that is actively delivering vehicles to satisfy China's growing appetite for electric transportation. China is seeing these so-called new energy vehicles as a way to combat its slumping car market and as a way to encourage new rounds of consumer spending.
Electric and hybrid vehicle sales in China have continued to climb, with sales growing by as much as 60 percent in the first four months of this year. The demand for these types of vehicles has climbed despite a continued decline in the country's overall car market.
One of the major contributors to the increased sales in EVs and hybrid vehicles is the Chinese government's continued release of generous subsidies that significantly cut sticker prices. As part of China's push to move away from using fossil fuels, China's planning ministry also called on authorities to ensure that new vehicle registrations can keep up with the increasing EV sales.