Xpeng (NYSE: XPEV, HKG: 9868) and BYD (HKG: 1211, OTCMKTS: BYDDY) have donated to the Tai Po fire relief effort in Hong Kong, where the blaze has claimed dozens of lives.
Xpeng announced today a HK$5 million ($640,000) donation for fire relief. BYD subsequently pledged HK$10 million.
The two automakers are the latest Chinese companies to announce donations for the fire relief effort and among the first Chinese automakers to take action.
Xpeng remains unprofitable, targeting its first quarterly profit in the fourth quarter. BYD is profitable.
A major fire broke out in Tai Po, New Territories, Hong Kong on the afternoon of November 26, engulfing multiple residential buildings. Local media reports indicate the blaze has so far claimed 44 lives, injured 71 people, and left 279 individuals unaccounted for.
Xpeng announced its entry into the Hong Kong market in April 2024 and opened its first store in Hong Kong last July.
The company launched its G6 SUV (sport utility vehicle) and X9 MPV (multi-purpose vehicle) in Hong Kong in May 2024, with deliveries commencing in the third quarter of last year.
On April 15 this year, Xpeng launched the 2025 X9 MPV at an event held in Hong Kong — its first product launch event outside the Chinese mainland, underscoring its commitment to international markets.
Xpeng’s domestic peers Nio Inc (NYSE: NIO, HKG: 9866) and Li Auto (NASDAQ: LI, HKG: 2015) have yet to enter the Hong Kong market.
In June this year, a local media report indicated Nio was expected to enter the Hong Kong market in the fourth quarter of this year, adopting a model involving cooperation with distributors.
BYD and its premium brand Denza have both been selling vehicles in the Hong Kong market.
Earlier today, the Jack Ma Foundation announced a HK$30 million donation for the fire relief efforts. Alibaba initiated an initial donation of HK$20 million, while Ant Group and its Hong Kong subsidiary AlipayHK contributed HK$10 million in their first round of donations.
Tencent, ByteDance, and Xiaomi (HKG: 1810, OTCMKTS: XIACY) also announced donations today, each contributing HK$10 million.
($1 = HK$ 7.7772)
