China’s EV Market Surges Past US and Europe—‘China’s Elon Musk’ Shares Two Stats That Explain Why – XPeng (NYSE:XPEV), Tesla (NASDAQ:TSLA)

He Xiaopeng, the cofounder of XPeng XPEV, has revealed that the sales of new electric vehicles (EVs) equipped with advanced “hands-off” driver assist features have seen a significant surge in China over the past decade, outperforming Western markets.

What Happened: During Xpeng’s global brand night in Hong Kong last month, He disclosed that 50% of new cars sold in China last year were new energy vehicles (NEVs), including EVs and plug-in hybrids. He further added that 55.7% of these NEVs were equipped with advanced automated driving assist systems.

Contrarily, the U.S. and Europe are trailing behind with EV and plug-in hybrid sales making up only about 11% and 23% of their respective light vehicle markets. Even the most technologically advanced Western cars, like those from Tesla Inc. TSLA, only have these advanced features in about a quarter of their vehicles.

According to a report by the Fortune, despite the intense competition in the Chinese market, He remains confident about XPeng making a significant global impact.

Also Read: Xpeng And Volkswagen Partner For New Project House Focused On EV Architecture

He stated, “Over the next decade we aim for over half of our sales to come from overseas, striving to really dominate as China’s leading mid- to high-end export brand.”

Why It Matters: This surge in China’s EV market signifies a shift in the global automotive industry. China’s rapid adoption of EVs and advanced driving systems indicates a growing consumer preference for sustainable and technologically advanced vehicles.

This trend could potentially reshape the global automotive landscape, with China leading the way in EV technology and adoption.

Furthermore, the ambitious goals set by XPeng reflect the confidence of Chinese EV manufacturers in their ability to compete globally.

This could potentially lead to increased competition in the global EV market, pushing innovation and development in the sector.