Chinese electric car makers are racing to increase production at a faster rate than US rival Tesla during its early days in the field, with US-listed startup Xpeng producing 100,000 vehicles just six years after its launch.
The competing startup Nio, also listed on the US market, reached the stage of producing 100,000 electric vehicles last April, knowing that it was established in November of 2014 under a different name and became Nio in July 2017, nearly four years ago.
In comparison, billionaire Elon Musk’s Tesla company took 12 years since its launch in 2003 to produce 100,000 vehicles, as it suffered from several production delays, especially in its early years, and since then, the US electric car maker has increased production capacity by building new plants in Shanghai and Berlin.
But looking at the bigger picture, Tesla is still much larger than its competitors, it crossed the production stage of 1 million cars more than a year ago in March 2020, and its production during the third quarter alone reached 238,000 vehicles.
As for the stock market, Tesla shares have risen by 11% since the beginning of the year so far, while US-listed Xpeng shares have fallen by 12% during the same period and Nio shares have also fallen by more than 25% during that period as well.
The Chinese company for the production of batteries and electric vehicles, BYD, stated that it had produced 1 million passenger cars in the category of new energy vehicles, which include hybrid cars and battery-powered cars only, and BYD’s stock has risen by more than 25% so far this year, and it is reported that among its most important supporters is the Berkshire Hathaway company of American billionaire “Warren Buffett“.