Xpeng Will Launch A Cheaper Brand Of Electric Vehicles In China

(CTN News) – This week, Chinese electric-vehicle maker Xpeng announced plans to launch its own brand of cheap electric vehicles, entering a highly competitive segment amid a high level of price competition in the EV industry.

He Xiaopeng, the chairman and CEO of Xpeng, told an industry event in Beijing on Saturday that the brand’s models, which are to be launched within the next month, will be priced between 100,000 yuan and 150,000 yuan ($14,000 to $21,000), an announcement posted to the company’s official WeChat account.

The Tesla Model X is priced in the range of 200,000 – 300,000 yuan, which is the range in which premium electric car makers typically price their vehicles in terms of the amount they charge for what they provide.

A deeper round of price reductions is underway as Xpeng EV manufacturers in China race to cut prices to remain competitive on the market. BYD, the market leader is leading the charge with further price cuts.

There will be successively introduced models under the Xpeng brand, which it did not mention, each with a different level of functionality for intelligent driving, according to the company.

New brand is dedicated to creating an AI-assisted car designed exclusively for young people, according to the company, and will be the company’s first auto.

According to the China Passenger Xpeng Car Association, battery-powered electric vehicle sales in China slowed down to 18.2% in the first two months of this year from 20.8% for the entire year of 2023.

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