However, Elon Musk’s company remains the largest manufacturer of electric vehicles
Chinese electric car companies are vying to increase production, surpassing Tesla from its earlier period, CNBC wrote today.
US-listed startup Xpeng said on Monday it had produced 100,000 cars – six years after starting operations.
Competitor in the electric car business Nio, also listed in the United States, said in April that it had reached this milestone – the production of 100,000 vehicles. The US-registered company was founded in late November 2014 under a different name and became Nio in July 2017.
By comparison, Elon Musk’s Tesla took 12 years from launch in 2003 to produce 100,000 vehicles. Tesla is facing numerous production delays, especially in its early years. The US-based electric carmaker has since increased its production capacity with new plants in Shanghai and Berlin (the first vehicles from the plant near the German capital are due to go off the production line at the end of 2021).
Tesla is still a much larger company than its competitors.
Production in the third quarter alone reached 238,000 vehicles. The company’s shares have risen by 11% on an annual basis.
Shares of Xpeng, registered in the US, have fallen 12% so far this year. Shares of Nio fell more than 25% during the year.