Chinese manufacturers Xpeng and Nio take half the time it took Tesla to build 100,000 cars

Chinese manufacturers Xpeng and Nio take half the time it took Tesla to build 100,000 cars

xpeng

Electric car companies based in China are racing against time in terms of production. The production seems to be way ahead of what Tesla did in its initial days. Xpeng, a Chinese-based and US-listed startup announced on Monday that the company produced a hundred thousand vehicles within 6 years of its launch. 

The news came in as a surprise for the world when the statistics were compared to the electric car manufacturer giant and Elon Musk owned Tesla. This announcement was another boom adding to Xpeng’s contemporary rival Nio. A statement came in from Nio earlier this year, stating that the company had reached the hundred thousand vehicles’ production milestone. 

Nio started its services back in November 2014 with a different name. The name was later changed to Nio in 2017, around four years before. Nio was often billed as a wannabe Tesla for China. Xpeng stepped over and added to the company’s work. The current improvement in both companies’ products seems to be opening doors for new market trends and investments. 

The company touts its innovation in various aspects like using digital goodies for parking the vehicles, imbibing out-of-the-box marketing strategies, contracting its production to an outsider, and a lot more. William Li, the CEO for Nio, quoted in his previous interviews citing the need for fresh blood in the automobile industry. This now seems to be true looking at the current state of the company’s production. 

Xpeng, on the other hand, is exploring diverse areas of the market, including flying cars, foreseeing the future of the automobile. He Xiaopeng, the company’s CEO, cited the chip shortage leading to investments in flying transports, affirming Xpeng’s long-term goals. The company recently showed off its second prototype for a flying model of a passenger car. This, according to the company, has been developing for eight years. The company’s automobile rival Tesla has already started investing in robotics, as Xpeng’s CEO predicts that automobile companies will soon enter the robotics field. 

Xpeng’s share values as listed in the US market are down by 12 percent this year. Nio’s shares, on the other hand, are more than 25 percent down year-to-date. However, BYD’s traded shares from Hong Kong shot up by more than 25 percent this year. Warren Buffet owned Berkshire Hathaway is one of the firms that back this company. 

Meanwhile, Tesla still holds the place for its largest production when compared. The company was launched back in 2003, and it took nearly twelve years to reach the hundred thousand vehicles’ production. Initial years weren’t that favorable for Tesla when compared to the current scenario. The company had to face several delays in its production, especially during its initial stages. 

This US-based company for electric car manufacture now has new factories opened in different parts of China, including Shanghai and Berlin from Germany. As per Mr. Musk’s tweet in 2020, Tesla reached its one-millionth vehicle production in March last year. The company’s third-quarter production alone reached more than two hundred thousand vehicles.