XPENG is China’s seventh-largest ‘New Energy Vehicle’ (NEV) manufacturer, and the fastest growing ‘new’ player, having started manufacturing cars just five years ago. They sold 190,068 cars in China in 2024, a growth of 34 percent over the previous year. However, when you look at their market capitalisation of US$17.3 billion, you would scratch your head. What XPENG is doing with a fraction of Chinese (and global) EV leader BYD’s market capitalisation of $145 billion and Chinese domestic sales of 4.27 million units, is quite amazing. For reference Tata Motors market capitalisation is currently $26 billion. This past week, I…