Chinese EV Maker XPeng Makes Inroads in Hong Kong, Macau
By Jiahui Huang
Chinese electric-vehicle maker XPeng is gearing up to sell its cars in Hong Kong and Macau, part of efforts to expand beyond the overcrowded market in mainland China.
The Guangzhou-based company, which competes with the likes of heavyweights like BYD and Tesla, said in a statement Wednesday that it is entering the Hong Kong market via a dealer partnership with Malaysia's Sime Darby Motors.
XPeng's shares closed 7.7% higher at 32.15 Hong Kong dollars (US$4.11).
"Entry into Hong Kong is a strategic next step for XPeng's business expansion," the company said.
XPeng will make its Hong Kong debut in mid-May with its latest electric sport utility vehicle, the G6, and its flagship seven-seater MPV X9. Deliveries of both are due to start from the third quarter.
The company is also partnering with motor group Xin Kang Heng Holding to enter Macau, preparing to offer four of its models there. Deliveries of left-hand drive models will start in May, XPeng said.
Xin Kang Heng distributes Honda, Nissan, Infiniti and other brands in Macau, with a 22% shares of the city's auto, according to the release. Sime Darby Motors is the automotive arm of conglomerate Sime Darby Bhd.
Write to Jiahui Huang at jiahui.huang@wsj.com
(END) Dow Jones Newswires
April 10, 2024 04:41 ET (08:41 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
Never Mind Market Efficiency: Are the Markets Sensible?
-
Starbucks Stock Could Use a Pick-Me-Up After Big Selloff; Is it a Buy?
-
5 Cheap Stocks to Buy From an Attractive Part of the Market
-
Markets Brief: All Eyes On Inflation
-
5 Things We Learned From the Q1 Earnings Season
-
After Earnings, Is Palantir Stock a Buy, a Sell, or Fairly Valued?
-
What’s Happening In the Markets This Week
-
Can the Fed Declare Victory on Inflation?
-
The Best REITs to Buy
-
3 Hot Stocks to Buy That Still Look Undervalued
-
After Earnings, Is Eli Lilly Stock a Buy, a Sell, or Fairly Valued?
-
Today’s Market Volatility Could Provide Tomorrow’s Opportunities
-
40 of the Best Investment Picks
-
Tech Stock Dividends Are Changing the Face of Dividend Growth Investing
-
Roblox Earnings: Weakening Engagement Has Weighed On Growth
-
The Best Gaming Stocks to Buy