Beijing — Chinese language electric-vehicle maker Xpeng has introduced plans to launch a less expensive model, coming into a extremely aggressive section amid intense worth competitors within the trade.
Fashions of the model, to be launched throughout the subsequent month, will probably be priced between 100,000 yuan and 150,000 yuan ($14,000 to $21,000), Xpeng Chairman and CEO He Xiaopeng advised an trade occasion in Beijing on Saturday, the corporate posted on its official WeChat account.
That compares with a 200,000 to 300,000-yuan vary the place premium electric-vehicle (EV) makers typically worth their vehicles.
Competitors in China’s EV market has intensified as corporations race to chop costs, with market chief BYD spearheading a deeper spherical of worth reductions.
Xpeng stated it’ll successively introduce fashions underneath the model, which it didn’t identify, every with totally different ranges of clever driving capabilities. The brand new model is devoted to creating “the primary AI-assisted driving automotive for younger folks,” it stated.
Gross sales of battery-powered EVs in China slowed to 18.2% within the first two months of the yr from 20.8% for all of 2023, in response to the China Passenger Automobile Affiliation.