Chinese companies from BYD to Leapmotor launched electric vehicles for international markets while Xpeng announced plans to expand into Germany.
And there were more announcements about continued expansion into new territories.said Monday it will expand sales of its cars into the German market in 2024. The company currently sells its P7 sedan and G9 SUV in Norway, Sweden, Denmark and the Netherlands. And Brian Gu, president of Xpeng, said the company plans to bring its latest car, the G6, to Europe next year, underscoring the Guangzhou-headquartered firm's global push.
"And to be able to be here and then really made our make our product available to the customers in this market, really will help us further penetrate the continental European market. We have ambitions for broader market coverage internationally." Analysts at Bernstein said in a note published in June that if Chinese carmakers enter the market"as per normal," then incumbents may concede up to 5% market share by 2030. But these new entrants could grab up to 20% market share if their entrance into Europe is more aggressive than expected, they added.But the Chinese companies themselves face rising competition from within, but also outside of their home market.
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