By Dhirendra Tripathi
Investing.com – Xpeng stock (NYSE: XPEV ) plummeted 10% Thursday on concerns over its international expansion in markets where it runs into competitors such as Tesla (NASDAQ: TSLA ) and Volkswagen (DE: VOWG_p ).
The company is taking pre-orders of its P5 electric sedan in four European countries, including Denmark, the Netherlands, Norway and Sweden. Bookings can be made through the website or the company’s mobile app.
In August, it began shipments of its P7 sedan to Norway, its first international market and one of the early ones to have taken to EVs.
Last month, it opened its first store outside of China in Stockholm. It has plans to open another in the Netherlands, according to CNBC.
The company has made some modifications to the model it’s selling in Europe. The European P5 is being sold with an older version of the driving software system, Xpilot 2.5, that makes the vehicle close to autonomous.
CNBC said Xpeng’s European P5 will also not have Lidar technology, an acronym for Light Detection and Ranging. Lidar is the technology behind more advanced autonomous driving features, though Xpilot 2.5 works without Lidar.
Xpeng sold 6,225 vehicles in February compared to Nio (NYSE: NIO )'s 6,131 units.
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