Xpeng Motors will unveil the P5 sedan at an event in Guangzhou, China on April 14, 2021. The P5 is the third series model from Xpeng and has what is known as Lidar technology.
Arjun Kharpal | CNBC
BEIJING – China’s electric car companies are trying to ramp up production faster than Tesla did in its early days.
The US-listed start-up Xpeng announced on Monday that it had produced 100,000 cars – six years after the company was founded.
Competing electric car start-up Nio announced in April that it had reached the milestone of 100,000 vehicles. The company, which is listed in the USA, was founded under a different name at the end of November 2014 and became Nio in July 2017, around four years ago.
For comparison: After its market launch in 2003, Elon Musk’s Tesla took 12 years to produce 100,000 vehicles, according to public records. Tesla faced numerous production delays, especially in the early years. The US electric car manufacturer has since increased its production capacities with new factories in Shanghai and Berlin.
To be clear, Tesla is still a lot bigger by comparison.
The electric automaker passed the 1 million car mark more than a year ago in March 2020, Musk said in a tweet.
In the third quarter alone, production reached 238,000 vehicles. The company’s shares are up 11% since the start of the year.
Xpeng’s US-listed shares are down 12% so far this year. Nio’s stock has fallen more than 25% since the start of the year.
Chinese electric battery and vehicle maker BYD announced in May that it had produced 1 million cars in the new energy vehicle category, which includes battery-only and hybrid cars.
BYD’s Hong Kong-traded shares are up more than 25% so far this year. The company’s supporters include Berkshire Hathaway from American billionaire Warren Buffett.