He Xiaopeng, CEO of Chinese electric vehicle (EV) startup XPENG, has unveiled ambitious plans to expand the company globally.
XPENG aims to double its exports to over 40,000 units in 2025 and increase its overseas sales and service locations to more than 300. To enhance its global research capabilities, the company plans to establish new R&D facilities outside of China and launch its first overseas production by the end of this year—a significant milestone in its international growth strategy.
XPENG’s 2024 annual financial report revealed impressive growth. Revenue soared to 40.87 billion CNY (approximately 5.65 billion USD), a 33.2% increase year over year. Profitability also rose significantly, with the gross profit margin climbing to 14.3%, up 12.8 percentage points from the previous year.
The company’s fourth quarter was robust, with revenue surging 23.4% from the previous year and a 59.4% increase from the third quarter. During this period, XPENG sold 91,507 vehicles, reflecting robust market demand.
XPENG credits its success to a dual-pronged approach of expanding into global markets while improving profitability. The company plans to solidify its position as a technology-driven EV manufacturer by intensifying its R&D efforts and further developing its international network.
