08:07 AM EDT, 10/02/2024 (MT Newswires) -- XPeng ( XPEV ) is considering plans to produce vehicles in Europe so it can avoid EU tariffs levied against Chinese electric vehicles, Bloomberg reported Wednesday.

Xpeng ( XPEV ) Vice Chairman and Co-President Brian Gu said in a Bloomberg TV interview that the company is considering various options including contract manufacturing, working with existing plants, or building new plants. Gu added that the plans are still "very preliminary."

On Friday, the EU member states are to vote on whether to introduce tariffs as high as 45% on imported electric vehicles made in China, according to media reports.

Shares were over 8% higher in recent premarket activity.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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