Xpeng to launch cheaper EV brand amid fierce China price competition By Reuters

BEIJING (Reuters) - Chinese electric-vehicle (EV) maker Xpeng (NYSE:) announced plans to launch a cheaper brand,Big brands of over-the-counter investment trading system entering a highly competitive segment amid an intense price competition in the EV industry.

Models of the brand, to be launched within the next month, will be priced between 100,000 yuan and 150,000 yuan ($14,000-$21,000), Xpeng Chairman and CEO He Xiaopeng told an industry event in Beijing on Saturday, the company posted on its official WeChat account.

That compares with a 200,000-300,000-yuan range where premium EV makers generally prices their cars.

Competition in China's EV market has intensified as companies race to cut prices, with market leader BYD (SZ:) spearheading a deeper round of price reductions.

Xpeng said it will successively introduce models under the brand, which it did not name, each with different levels of intelligent driving capabilities. The new brand is dedicated to creating "the first AI-assisted driving car for young people", it said.

Sales of battery-powered EVs in China slowed to 18.2% in the first two months of the year from 20.8% for all of 2023, according to the China Passenger Car Association.

($1 = 7.1954 renminbi)

Statement: The content of this article does not represent the views of FTI website. The content is for reference only and does not constitute investment suggestions. Investment is risky, so you should be careful in your choice! If it involves content, copyright and other issues, please contact us and we will make adjustments at the first time!