Xpeng president says Chinese EV firm remains committed to Europe despite pressure from tariffs

▤ Summary

Chinese electric vehicle maker Xpeng remains committed to Europe for the long term despite pressure it faces from the European Unions tariffs, according to a top company official. "Our plan for Europe is a very long term one," Brian Gu, Xpengs vice chairman and co-president, told CNBCs Charlotte Reed Monday at the Paris Motor Show. Reflecting on the EUs decision to adopt higher tariffs on Chinese EV imports, Gu said that this has put "a lot of pressure" on its business model. Longer term, Gu said that Xpeng plans to become "more local" in Europe, ramping up its manufacturing capabilities in the region. Earlier this month the EU voted to adopt definitive tariffs on imports of China-made battery electric vehicles.

▦ Linked Companies