Xpeng Motors launches the P5 sedan at an occasion in Guangzhou, China on April 14, 2021. The P5 is Xpeng’s third manufacturing mannequin and options so-called Lidar technology.
BEIJING — China’s electric automobile corporations are racing to ramp up manufacturing, quicker than Tesla did in its early days.
U.S.-listed start-up Xpeng mentioned Monday it has produced 100,000 cars — it got here six years after the company launched.
Rival electric automobile start-up Nio mentioned in April it reached that 100,000 automobile manufacturing milestone. The U.S.-listed company was based in late Nov. 2014 underneath a special title, and have become Nio in July 2017, about 4 years in the past.
For comparability, Elon Musk’s Tesla took 12 years from its launch in 2003 to provide 100,000 autos, according to public filings. Tesla has confronted quite a few manufacturing delays, particularly in its early years. The U.S.-based electric automobile maker has since elevated its manufacturing capability with new factories in Shanghai an Berlin.
To be clear, Tesla remains to be a lot bigger in comparability.
The electric carmaker crossed the 1 millionth car mark more than a year ago in March 2020, Musk mentioned in a tweet.
Production in the third quarter alone reached 238,000 autos. The company’s shares are up 11% year-to-date.
Xpeng’s U.S.-listed shares are down 12% to this point this year. Nio’s stock is down extra than 25% year-to-date.
Chinese electric battery and automobile maker BYD mentioned in May it produced 1 million passenger cars in the new energy vehicle category, which incorporates battery-only and hybrid-powered cars.
BYD’s Hong Kong-traded shares are up extra than 25% to this point this year. The company’s backers embrace American billionaire Warren Buffett’s Berkshire Hathaway.