China's global EV push reflects its ambition - and harsh economics at home
China's electric vehicle (EV) makers are expanding globally due to a saturated domestic market and falling sales, with companies like Xpeng planning to increase overseas revenue to over 50% in the next 5-10 years. Xpeng expects to start large-scale production of its 'flying' cars next year and robotaxi tests in Guangzhou this year.
China's electric vehicle market is saturated, with car sales falling 18% in the first quarter from a year earlier. To combat this, Chinese EV makers are expanding globally, seeking higher margins and sales growth. Xpeng, an EV maker, plans to start large-scale production of its 'flying' cars next year and has received over 7,000 orders, mostly in China. The company also plans to start robotaxi tests in Guangzhou this year and expects to generate over 50% of its revenue from outside China in the next 5-10 years. Chinese EVs remain cost-competitive in European markets despite tariffs. Xpeng's president, Brian Gu, stated that 2027 will be a 'critical year' for tests around the world with partners.
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