EV maker XPeng, Inc. (NYSE: XPEV) plans to open self-operated retail stores in Europe and has signed partnership agreements in the Netherlands and Sweden to boost its presence in the continent.
The company has signed an Agency Retail collaboration agreement with a Netherlands-based automotive retail organization, Emil Frey, for developing its sales and service network as well as managing its branded stores across the nation.
The partnership with Emil Frey is XPeng’s first Agency Retail collaboration in Europe.
Meanwhile, XPeng has also signed an Agency Retail collaboration agreement with a Swedish automobile dealer and distributor, Bilia, to offer localized products and services to international customers.
As per the terms of the agreement, Bilia stores will carry XPeng’s products and its service centers will service XPeng’s products. Initially, the deal will include Bilia stores in Stockholm, Gothenburg and Malmö.
Additionally, the Chinese firm plans to open its first self-operated retail store in the world this week in Sweden. It also plans to open a retail store in the Westfield Mall near the Dutch city of The Hague in March.
The Chairman and CEO of XPeng, He Xiaopeng, said, “We strongly support the EV development strategy in Europe and are forging partnerships with top-tier local players to accelerate energy conservation, emission reduction and electrification in Europe.”
About XPeng
XPeng designs, develops, manufactures, and sells smart EVs. The company also offers an autonomous driving software system, bank loans, vehicle leasing, and auto insurance services.
XPEV stock closed 4.4% down on Thursday. It lost another 1.1% in after-hours trading to end the day at $38.50.
Analysts’ Take
Recently, Barclays (NYSE: BCS) analyst Jiong Shao initiated coverage on the stock with a Buy rating and a price target of $45 (15.6% upside potential).
Overall, the stock has a Strong Buy consensus rating based on 4 unanimous Buys. The average XPeng price target of $59.08 implies 51.8% upside potential. Shares have lost 28.3% over the past year.
Blogger Opinions
TipRanks data shows that financial blogger opinions are 100% Bullish on XPEV, compared to the sector average of 71%.
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