Xpeng Motors is launching the P5 sedan at an event in Guangzhou, China on April 14, 2021. The P5 is Xpeng’s third production model and features Lidar technology.
Arjun Kharpal | CNBC
BEIJING – Chinese electric car makers are rushing to ramp up production, faster than Tesla in its early days.
The American start-up Xpeng announced on Monday that it had produces 100,000 cars – it happened six years after the launch of the company.
Rival electric car start-up Nio said in April it had hit the 100,000 production vehicle milestone. The US-listed company was founded in late November 2014 under a different name and became Nio in July 2017, about four years ago.
By comparison, Elon Musk’s Tesla has taken 12 years since its launch in 2003 to produce 100,000 vehicles, according to public documents. Tesla faced many production delays, especially in its early years. The American electric car maker has since increased its production capacity with new factories in Shanghai and Berlin.
To be clear, Tesla is still a lot bigger in comparison.
The electric car maker has crossed the 1 millionth automobile brand more than a year ago in March 2020, Musk said in a tweet.
Production in the third quarter alone reached 238,000 vehicles. The company’s shares are up 11% year-to-date.
Xpeng shares listed in the United States are down 12% year-to-date. Nio’s stock is down more than 25% since the start of the year.
Chinese battery and electric vehicle maker BYD said in May it was producing 1 million passenger cars in the category of new energy vehicles, which includes battery-only cars and hybrid cars.
Shares of BYD traded in Hong Kong have risen more than 25% so far this year. The company’s backers include Berkshire Hathaway of US billionaire Warren Buffett.