Xpeng, a Chinese EV maker, announced its plan to launch a more affordable brand, marking its entry into an intensely competitive segment of the EV industry where price wars are prevalent, Reuters reported on Sunday.
Xpeng plans to launch new models within the next month, with prices ranging from 100,000 yuan to 150,000 yuan ($14,000-$21,000).
Xpeng’s Chairman and CEO, He Xiaopeng, announced at a Beijing industry event that the company plans to launch new models in the next month, priced between 100,000 yuan and 150,000 yuan ($14,000-$21,000), as per a post on Xpeng’s official WeChat account.
In the face of intensifying competition in China’s EV market, BYD, the market leader, is spearheading a substantial wave of price reductions as companies vie to lower their prices.
Xpeng has announced plans to roll out models progressively under an unnamed brand, each featuring varying levels of smart driving capabilities.
The company aims to create “the first AI-assisted driving car for young people” with this new brand. Meanwhile, the China Passenger Car Association reports a slowdown in battery-powered EV sales in China, dropping to 18.2 per cent in the first two months of the year from 20.8 per cent throughout 2023.
