Xiaopeng Motors is a promising start-up but has a long way to go before making an impact. The company will face stiff competition both from domestic EV makers and Tesla’s entry into China; Chinese customers’ preference for western brands will likely benefit Tesla in China – assuming no impact from trade sanctions. Xiaopeng Motors must create a USP to compete against existing premium EV brands in China. Xiaopeng has identified R&D as a key focus area with around 700 employees in this department. One to watch – Aman Madhok