- US-listed start-up Xping said on Monday it has produced 100,000 cars – six years after the company’s launch.
- Its rival electric car start-up Nio said in April that it had reached the 100,000 vehicle production milestone.
- For comparison, according to public filings, Elon Musk’s Tesla took 12 years from the company’s launch in 2003 to producing 100,000 vehicles.
BEIJING: Chinese electric car companies are rushing to ramp up production faster than Tesla was in its early days.
US-listed start-up Xpeng said on Monday that it has 100,000 cars produced This comes six years after the company was launched.
Rival electric car start-up Nio said in April that it had reached the 100,000 vehicle production milestone. The US-listed company was founded in late November 2014 under a different name, and became Nio nearly four years earlier in July 2017.
For comparison, Elon Musk’s Tesla took 12 years to produce 100,000 vehicles since its launch in 2003, According to a public filing. Tesla has faced several production delays, especially in its early years. The US-based electric car maker has since expanded its production capacity with new factories in Shanghai and Berlin.
To be clear, Tesla is still a lot bigger in comparison.
Electric car maker crossed 1 millionth car mark in March 2020 as compared to a year ago Musk said in a tweet.
Production reached 238,000 vehicles in the third quarter alone. The company’s shares are up 11% year-over-year.
US-listed shares of Xpeng are down 12% so far this year. Nio’s stock is down more than 25% year-over-year.
Chinese electric battery and vehicle maker BYD said in May that it produced 10 lakh passenger cars in the new energy vehicle category, That includes only battery-powered and hybrid-powered cars.
Hong Kong-traded shares of BYD are up more than 25% so far this year. Backers of the company include American billionaire Warren Buffett’s Berkshire Hathaway.