Xiaopeng Motors launched the P5 sedan at an event in Guangzhou, China on April 14, 2021. P5 is Xiaopeng’s third production model, using so-called lidar technology.
Arjun Capal | NBC Finance Channel
BEIJING – Chinese electric vehicle companies are racing to increase production, faster than Tesla’s early days.
Xiaopeng Motors, a US-listed start-up, said on Monday that it has produced 100,000 vehicles-a result of the company’s six years of existence.
Rival electric car startup Nio said in April that it reached the production milestone of 100,000 vehicles. This US-listed company was established under a different name in late November 2014 and was renamed Weilai in July 2017 about four years ago.
In contrast, public documents show that Elon Musk’s Tesla has produced 100,000 cars in 12 years since its launch in 2003. Tesla has faced multiple production delays, especially in its early days. The US-based electric car manufacturer has since increased production capacity through new plants in Shanghai and Berlin.
To be clear, in contrast, Tesla is still much larger.
This electric car manufacturer has spanned More than a year ago, in March 2020, car sales reached one millionth, Musk said in a tweet.
Production in the third quarter alone reached 238,000 vehicles. Year-to-date, the company’s stock price has risen 11%.
Xiaopeng Motors’ US-listed shares have fallen 12% so far this year. Year-to-date, Weilai’s share price has fallen by more than 25%.
Chinese electric battery and car manufacturer BYD said in May that it produced 1 million passenger vehicles in the new energy vehicle category, including pure batteries and hybrid vehicles.
So far this year, BYD’s Hong Kong-listed stock has risen by more than 25%. The company’s backers include the Berkshire Hathaway of American billionaire Warren Buffett.
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