Xpeng And Nio Reach 100,000 Cars

China’s electric car companies are racing to ramp up production faster than Tesla ($TSLA@US) did in its early days. U.S.-listed start-up Xpeng ($XPEV@China) said Monday it has produced 100,000 cars and has done so just 6 years after the company launched. Rival electric car start-up Nio ($NIO@China) reached that 100,000 vehicle production milestone in April. For comparison, Elon Musk’s Tesla took 12 years from its launch in 2003 to produce 100,000 vehicles. Tesla is still much larger in comparison, crossing the 1 millionth car mark more than a year ago in March 2020. Xpeng’s U.S.-listed shares are down 12% so far this year. Nio’s stock is down more than 25% year-to-date. In the new energy vehicle category, which includes battery-only and hybrid-powered cars, Chinese electric battery and vehicle maker BYD ($BYDDY@China) said in May it produced 1 million cars. BYD’s Hong Kong-traded shares are up more than 25% so far this year. The company’s backers include American billionaire Warren Buffett’s, Berkshire Hathaway ($BRK.A@US).