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Guangzhou-headquartered EV car maker Xpeng Motors has been expanding aggressively in Europe, starting with Norway in December 2020. Zeekr sold just 15,234 of its existing models in the first quarter of 2023 - this is half of the 31,000 vehicles Nio sold and just 10% of what Tesla sold in the same period, per Reuters. The company aims to deliver 40,000 Zeekr X cars to the China market this year, with its first domestic deliveries starting in June, An said per Reuters.Īnd even though Zeekr is backed by a major auto player, it still trails its EV peers in the domestic Chinese markets.

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The $27,000 Zeekr X even has facial recognition software to unlock the car and owners can also opt to install a refrigerator in the car, Andy An, the CEO of Zeekr, said at an event, Reuters further reported. The EV maker did not indicate a timeline for its plans. In April this year, Zeekr said it plans to sell its newly launched SUV-style Zeekr X and Zeekr 001 EV sedan in Western Europe, Reuters reported. Zeekr is an electric vehicle brand under the privately held Chinese auto giant Geely - which bought the Swedish brand Volvo in 2010.įounded only in 2021, Zeeker already has international ambitions. While Nio hasn't entered the US market yet, it's already selling in European countries including Norway and the Netherlands. Li told Germany's Heise Autos that the company plans to enter the US market by 2025. 'We will certainly not join the price war,' William Li, Nio's CEO, told CNBC in an April interview.

Nio's full-year operational loss in 2022 was 15.6 billion yuan, or $2.3 billion, according to company financials. Pricing on a midsize Nio ES7 SUV starts at around $68,000 - costlier than a Tesla Model Y which retails at about $38,000, and that's after Tesla's relentless price cuts this year, Barrons reported on April 18.Įven though it's priced in the premium range Nio still managed to post a 33% increase in vehicle sales last year - but the company is still in the red after posting the equivalent of $7.4 million in revenue in 2022. The startup is known for being a maker of premium smart EVs - and its cars can be even more expensive than Teslas, per CNBC. Headquartered in Shanghai, Nio is a relatively young EV automobile company founded in 2014. Last month, the company launched an $11,000 hatchback at the Shanghai auto show called Seagull - which Insider's Tim Levin called 'ridiculously cheap.' In comparison, the price of a Tesla Model 3 starts from around $40,000.ĭespite its foray into Europe and Southeast Asia, the company doesn't seem to have any plans to enter the US passenger market, BYD founder Wang Chuanfu said in March, per Bloomberg.Īt present, BYD only has a small commercial vehicle business in the US, per Insider on May 17.Įven so, Buffett seems to think Tesla may still have an edge against BYD.īerkshire Hathaway has reduced its stake in the Chinese EV maker because it doesn't want to compete with Tesla CEO Elon Musk, Buffett said at the investment firm's annual shareholder meeting on May 6. It now has operations in Norway, Denmark, the UK, Thailand, and Australia.īYD's prices can be extremely competitive. The Chinese EV maker is backed by legendary investor Warren Buffett and recently expanded operations internationally. Given China's increasing foray into the global EV market, here are 5 major Chinese EV brands to know.īYD - an acronym for Build Your Dreams - is vying with American EV-maker Tesla to become the world's top-selling EV maker.Īnd it is already the top-selling EV brand in China, selling over 900,000 battery EVs in 2022 - more than Tesla sold in 2022. 'Having recognized the potential of electric vehicles 15 years ago, China has since invested vast resources in building a competitive electric vehicle ecosystem,' said Allianz in its report.Ĭhinese EV makers hold a competitive edge in 'nearly all aspects' of the battery electric vehicle value chain, per Allianz.Ĭhinese electric vehicles, or EVs, are already being exported to Europe - the continent saw total EV sales reach a record 4.4 million units in 2022, accounting for nearly half of all new vehicle registrations in 2022, German financial services firm Allianz wrote in a May 9 report.Īnd now, industry experts tell Insider's Nora Naughton and Tim Levin that affordable Chinese EV cars are set to arrive in the competitive American market. The Asian giant's EV edge is thanks to its push for clean energy technology, including in the transportation sector. It often indicates a user profile.Įlectric taxis charge batteries at a charging station on Februin Yibin, Sichuan, China.Ĭhina, the world's largest car market, is now a major automobile producer and exporter as well.

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