According to Reuters, Xpeng, a prominent Chinese electric vehicle (EV) manufacturer, disclosed its intention to introduce a more budget-friendly brand, signaling its foray into a fiercely contested segment of the EV industry characterized by price competition.
Xpeng is set to unveil new models within the upcoming month, featuring price tags ranging between 100,000 yuan and 150,000 yuan ($14,000-$21,000).
During an industry event in Beijing, He Xiaopeng, Chairman and CEO of Xpeng, unveiled the company’s plans to introduce fresh models within the next month, priced between 100,000 yuan and 150,000 yuan ($14,000-$21,000), as detailed in a post on Xpeng’s official WeChat account.
Amidst escalating rivalry in China’s EV sector, market leader BYD has initiated a significant wave of price cuts, as firms engage in fierce competition to reduce their prices.
Under an undisclosed brand name, Xpeng intends to progressively launch models, each featuring different levels of intelligent driving capabilities.
The company aims to develop “the first AI-assisted driving car for young people” through this new brand. Meanwhile, the China Passenger Car Association has reported a slowdown in sales of battery-powered EVs in China, declining to 18.2 per cent in the initial two months of the year from 20.8 per cent throughout 2023.
