XPeng Inc. (NYSE: XPEV) stock surged almost 5% in intraday trading Monday following the announcement of a strategic deal with an Australian distributor, signaling plans to introduce the G6 SUV to the Australian market in the fourth quarter of 2024.
Xpeng (XPEV) made headlines this week as it announced a significant step in its global expansion efforts by signing an agreement with Australian distributor TrueEV. This move comes as the Chinese battery electric vehicle (BEV) startup intends to broaden its sales footprint beyond mainland China.
This agreement follows a similar deal inked last month with Malaysia’s Sime Darby group to distribute Xpeng vehicles in Hong Kong, with sales slated to commence in the third quarter of 2024.
Under the newly forged exclusive partnership with Australia’s specialist EV distributor and retailer TrueEV, Xpeng plans to introduce the G6 SUV to the Australian market starting in the fourth quarter of 2024. Notably, in China, the G6 is priced at RMB200,000 (US$27,700).
In addition, the two entities will collaborate to deploy Xpeng’s BEV charging infrastructure, enhancing accessibility and convenience for Australian consumers.
Management Commentary
The automaker’s head of international markets, Alex Tang, said in a statement:
“The partnership with TrueEV is a significant step forward in our global expansion strategy. Our vision, values, and unwavering commitment to superior quality align perfectly with TrueEV’s experience and local insight, making this a natural and forward-thinking next step in our expansion plan.”
TrueEV CEO Jason Clarke said:
“Xpeng is the highest quality intelligent EV that we could identify after an exhaustive search. We are confident that Xpeng product range and design features are ideally suited to the Australian market.”
He Xiaopeng, Xpeng CEO and co-founder, outlined further expansion plans, targeting Thailand, Singapore, and Malaysia as the next destinations for overseas markets. This announcement builds on Xpeng’s momentum earlier this year, marked by sales agreements with distributors in various countries, including the United Arab Emirates, Egypt, Azerbaijan, Jordan, and Lebanon.
XPeng (NYSE: XPEV) Stock Movement
XPEV stock jumped 4.66% to close at $8.09 on Monday. Its value decreased by 10.41% this week. Trading activity has witnessed 18,575,240 (18.57 million) shares changing hands, well above the average daily volume of 14.60 million.
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