China’s electric vehicle manufacturers have been rushing to increase production at a greater rate than Tesla achieved in its early days. A start-up that is publicly traded in the United States, Xpeng announced that it has manufactured 100,000 cars, 6 years after the company began operations. Rival electric vehicle start- Nio announced in April that it has reached the 100,000-vehicle production mark. Nio, which is a publicly-traded firm in the U.S., was formed in late November 2014 under a distinct name and changed the name to Nio in 2017 July, approximately 4 years ago.
Elon Musk’s Tesla required 12 years to produce 100,000 cars following its founding in 2003, according to public documents. Tesla has experienced numerous production delays throughout its history, notably in its early years. Since then, the American electric vehicle maker has extended its manufacturing capability with additional facilities in Shanghai and Berlin.
To be clear, Tesla is still a large corporation. Tesla sold one million vehicles about a year ago, in 2020 March, Musk revealed in a tweet. A total of 238,000 autos were produced in the third quarter alone. So far this year, the company’s stock has gained 11%.
On the New York Shares Exchange, Xpeng’s stock has plummeted 13% this year. This year, Nio’s stock has dropped over a quarter of its value. In May, BYD, a Chinese electric car and battery manufacturer, said that it had produced one million passenger cars in the new energy vehicle category, which includes both battery-only as well as hybrid vehicles. The Hong Kong-listed shares of BYD have increased by more than 25% this year. One of the company’s sponsors is Berkshire Hathaway, which is controlled by Warren Buffett, an American billionaire.
Former senior executives at the GAC Group with competence in automotive technology and research & development, Xia Heng (Henry Xia) and He Tao co-founded XPeng in 2014. UCWeb founder and ex Alibaba Executive He Xiaopeng, Xiaomi founder and namesake and current Chairperson of XPeng, Lei Jun were among the first backers. Alibaba, Foxconn, and IDG Capital were among the prominent Chinese and foreign investors. In 2018, Joseph Tsai, Alibaba’s vice president joined XPeng’s corporate board of directors as part of a new funding round.
William, the Chairperson of Bitauto and NextEV, created NIO in November 2014. Tencent, Temasek, Sequoia, Lenovo, and TPG were among the first to invest in NIO after its inception. The NIO EP9 sports vehicle, the brand’s first model, debuted on the same day as the company was founded.
In October 2016, NIO stated that the California DMV had granted it an “Autonomous Vehicle Testing Permit,” and that it will begin testing autonomous vehicles on public roads under the “Autonomous Vehicle Tester Program” criteria. According to the corporation, vehicles with levels three and four autonomy would be released.