Xpeng CEO predicts over 90% EV share in China by 2030
Xpeng Inc. Chairman and CEO He Xiaopeng predicts that new energy vehicles (NEVs) will surpass 90% market share in China by 2030. He envisions future cars as "robots on four wheels."
He Xiaopeng, Chairman and CEO of Xpeng Inc., forecast that new energy vehicles (NEVs) will capture over 90% of China's new car sales by 2030. The prediction was made following the debut of the company's MONA L03 model during a media interaction.
Xiaopeng compared the current automotive shift to the previous decade, which saw a significant rise in NEV adoption. He noted that in 2014-2015, few believed NEVs would achieve nearly 60% of monthly new car sales, a milestone recently reached. For the next decade, he sees the core transformation in the automotive industry as the integration of artificial intelligence (AI) with vehicles.
"In the future, every car will be a robot on four wheels," Xiaopeng stated. He emphasized that the essential direction for automotive evolution is not solely about aesthetics or cost reduction, but about imbuing cars with a "soul" and truly coupling them with robotics to provide genuine customer value.
His outlook aligns with similar sentiments expressed by Li Bin, founder and CEO of rival Nio Inc., in June. Li Bin projected that fully electric vehicles would exceed 80% of China's new car market by 2030. Collectively, NEVs are expected to surpass 90%, with fully electric vehicles comprising over 90% of that segment.
Data from the China Passenger Car Association (CPCA) shows that NEV retail penetration reached a record 62.9% in May. Despite a year-on-year decline in overall passenger car sales, factors like high fuel prices and evolving consumer preferences are accelerating the shift from traditional internal combustion engine vehicles to electric alternatives.