Benzinga | Nov 24, 2021 06:25AM EST

Xpeng Aims To Sell Nearly As Many Electric Vehicles Overseas As In China

Chinese electric vehicle maker Xpeng Inc (NYSE:XPEV) aims to sell half of its electric vehicle outside China, CNBC reported, citing the company's president and chairman Brian Gu.

What Happened: Xpeng already sells electric vehicles in Norway and plans to ramp up investment overseas next year including foraying into Sweden, Denmark and the Netherlands in 2022.

The Guangzhou, China-based Xpeng did not provide a timeline or provide more details.

Xpeng had in August announced it would double the production capacity from 100,000 to 200,000 electric cars annually.

See Also: Tesla, Nio Rival Xpeng Unveils Electric SUV G9, Eyeing Customers 'Worldwide:' What You Need To Know

Xpeng has delivered over 10,000 electric vehicles for two consecutive months now.

Why It Matters: Xpeng revealed an electric SUV G9 -- its fourth electric vehicle -- equipped with its in-house Xpilot semi-autonomous driving system and the lidar technology last week. The automaker plans to sell G9 in both China and overseas.

The G9 is expected to compete with Nio Inc (NYSE:NIO)'s ES6 and Tesla Inc's (NASDAQ:TSLA) Model Y.

Nio, Xpeng and BYD Co (OTC:BYDDY) are among Chinese electric vehicle makers that are eyeing overseas expansion after successfully establishing their brands on home turf.

Price Action: Xpeng shares closed 8.25% higher at $51.30 a share on Wednesday after it reported third-quarter numbers.