Chinese electric vehicle (EV) start-up Xpeng has priced its G6 SUV at a 20 per cent discount compared with Tesla’s Model Y, hoping the new model will turn its lacklustre sales around in a cutthroat mainland market.
The G6, which received 25,000 orders within its 72-hour presale period earlier this month, starts at 209,900 yuan (US$29,000), Guangzhou-based Xpeng announced on Thursday evening.
The company will start delivering the SUV to buyers in July.
The basic edition of Tesla’s Shanghai-made Model Y starts at 263,900 yuan.
“The EV industry will embrace a new era in the next five years,” He Xiaopeng, co-founder and CEO of Xpeng said during a virtual briefing. “Making cars smarter will become a new trend and Xpeng will unswervingly chase a leading position in technological innovation.”
Xpeng, along with Shanghai-based Nio and Beijing-headquartered Li Auto, is viewed as China’s best response to Tesla, but they are lagging far behind their US rival in the domestic market.
In the first five months of the year, Xpeng delivered 32,815 units, down 38.9 per cent year on year. It reported a 45.9 per cent drop in revenue in the first quarter, and net losses widened by 37.6 per cent.
Tesla, meanwhile, saw shipments up 83.8 per cent year on year, handing 219,893 units to Chinese customers from January to May, with 152,461 of those being the Model Y. The Model Y sold more than any other model of SUV on the mainland for the period.
Read More at https://www.scmp.com/business/china-business/article/3225992/chinese-tesla-rival-xpeng-prices-g6-suv-20-cent-below-model-y-ev-firm-tries-pull-u-turn-slow-sales
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