XPeng, Inc. (NYSE:XPEV) is pushing ahead with its international expansion and announced its proposed expansion into more European countries.
What Happened: Guangzhou, China-based XPeng said Thursday it has struck strategic partnerships in the Netherlands and Sweden and plans to set up self-operated retail stores in Europe.
The company is joining hands with Emil Frey in the Netherlands to develop its sales and service network, and also manage XPeng branded stores throughout the country. In Sweden, the company announced a retail collaboration agreement with automobile dealer Billa, which has 58 dealerships and 66 service centers.
XPeng said it will open its retail experience store in Sweden this week. The company plans to open a similar store in the Netherlands in March.
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Why It's Important: XPeng's first international foray was into Norway in late 2020. The company began selling its G3 SUV in Norway in December 2020. It later expanded its product offerings in Norway to include its P7 sedan.
XPeng's domestic rival Nio, Inc. (NYSE:NIO) followed it into the Norway market in mid-2021. Nio announced at its 2021 Nio Day held on Dec. 18 that it will expand into additional European countries, including Germany, Sweden, Denmark and the Netherlands, in 2022.
XPeng shares lost 4.46% Thursday, closing at $38.92, while Nio shares dropped 2.85% to $25.35.
Related Link: Nio Gets Started On Mass Market Sub-Brand With Planned Annual Production Of 60,000 Units: Report
Photo courtesy of Xpeng.
