XPeng said to eye manufacturing in Europe to mitigate impact of EV import tariffs

seekingalpha08-27

XPeng (NYSE:XPEV) is looking to set up a manufacturing site in Europe, joining the ranks of other Chinese electric vehicle makers that are localizing production in the region to lessen the impact of ...

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The company's CEO He Xiaopeng told Bloomberg that XPeng  is in the initial stages of selecting a site in the European Union and expects to build capacity in areas with \"relatively low labor risks.\" It also plans to set up a large-scale data center in Europe to support intelligent driving features. He said while XPeng's  plans to go global are not going to be impacted by higher levies, some \"profits from European countries will be reduced after the tariff increase.\" XPeng, which has a working partnership with Volkswagen , joins Chinese EV maker peers like BYD , Chery Automobile and Geely's  Zeekr in making plans to tackle the EU's import tariffs.  Last week, XPeng  reported a narrower second-quarter loss and higher revenue, but its guidance for third-quarter deliver","collect":0,"end_time":0,"defaultTopTitle":"seekingalpha.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BYDDF":"BYD Co., Ltd.","XPEV":"小鹏汽车","BK4551":"寇图资本持仓","BK4505":"高瓴资本持仓","GELYF":"Geely Automobile Holdings Ltd.","VWAGY":"大众汽车ADR","BK4526":"热门中概股","BK4555":"新能源车","EVS.SI":"MSCI China Electric Vehicles and Future Mobility ETF-NikkoAM","BK4099":"汽车制造商"},"translate_title":"小鹏汽车表示将关注欧洲制造业，以减轻电动汽车进口关税的影响","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"BYDDF":1,"GELYF":1,"VWAGY":1,"XPEV":1,"EVS.SI":0.6},"content_text":"XPeng (NYSE:XPEV) is looking to set up a manufacturing site in Europe, joining the ranks of other Chinese electric vehicle makers that are localizing production in the region to lessen the impact of import tariffs, Bloomberg reported.  The company's CEO He Xiaopeng told Bloomberg that XPeng (XPEV) is in the initial stages of selecting a site in the European Union and expects to build capacity in areas with \"relatively low labor risks.\" It also plans to set up a large-scale data center in Europe to support intelligent driving features. He said while XPeng's (XPEV) plans to go global are not going to be impacted by higher levies, some \"profits from European countries will be reduced after the tariff increase.\" XPeng, which has a working partnership with Volkswagen (OTCPK:VWAGY), joins Chinese EV maker peers like BYD (OTCPK:BYDDF), Chery Automobile and Geely's (OTCPK:GELYF) Zeekr in making plans to tackle the EU's import tariffs.  Last week, XPeng (XPEV) reported a narrower second-quarter loss and higher revenue, but its guidance for third-quarter deliveries missed expectations.  XPeng (XPEV) shares have lost nearly half their value this year. 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