Xiaopeng Automobile will open its first overseas self-operated store to accelerate overseas expansion

According to foreign media reports, Chinese electric vehicle company Xiaopeng Automobile is accelerating its international expansion, planning to open its first overseas self-operated stores this week and deepen retail network cooperation with partners.

Xiaopeng Motors will open a retail self-operated store in Stockholm, the capital of Sweden, which will open this week (before February 13). Xiaopeng Motors has also signed a car sales agreement with Bilia, a major Car dealer and distributor in Sweden, which will supply and provide services to Bilia stores. Xiaopeng Motors also signed a distribution agreement with Dutch auto retailer Emil Frey. Xiaopeng Motors said it plans to open a store near Hague, the Netherlands, in March this year.

Xiaopeng Motors' expansion into its retail operations in Sweden and the Netherlands is the company's most significant international expansion to date, and it plans to sell half of its cars overseas in the future. Xiaopeng Motors CEO He Xiaopeng said in a statement, "Our global journey starts in Europe, and we are committed to the popularization of smart electric vehicles. ”

(Image source: Xiaopeng Automobile)

In 2020, Xiaopeng Motors began exporting cars to Norway. Xiaopeng Motors works with a local partner to sell cars and does not currently have its own stores. So far, Xiaopeng Motors has focused on countries with rapidly growing penetration of electric vehicles.

But Xiaopeng Motors' competitors have also set their sights on Europe. NIO opened a flagship store in Oslo, Norway, and began delivering cars there in September last year. Buffett-backed BYD also began exporting electric cars to Norway last summer.

While EV sales continue to grow in China, domestic startups are laying the groundwork for aggressive overseas expansion, which could drive future growth but could also intensify their competition with European and American car companies such as Tesla.

On February 9, xiaopeng Motors' shares listed in Hong Kong were included in the "Hong Kong Stock Connect", and the stock price rose.