Xpeng has unveiled a promotional financing policy in China, joining Tesla in what appears to be a near-simultaneous entry into the ongoing price war within the electric vehicle (EV) market. Less than two hours after Tesla announced a new insurance subsidy for its Model 3 in China, Xpeng responded by introducing an industry-first zero-down payment and zero-interest financing program, aimed at making EVs more accessible to a broader audience.
The new financing policy, announced on Weibo, offers Chinese customers up to five years of zero-interest financing with no down payment. According to Xpeng, this is the only five-year, zero-percent interest, zero-percent down payment financing program in the EV sector. The plan promises savings of up to RMB 57,000 ($7,830), depending on the model purchased.
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Xpeng’s financing offer extends to several of its current models, including the X9 multi-purpose vehicle (MPV), G9 SUV, P7i sedan, and G6 SUV. For the X9 MPV, customers can make monthly payments as low as RMB 5,830, while the G9 SUV’s payments start at RMB 6,636 per month. The offer is available until February 28, 2025.
In addition to the financing program, Xpeng has launched other promotional deals for the Mona M03 sedan, which includes free charging, stereo upgrades, and trade-in subsidies. Xpeng also announced that existing owners of Xpeng vehicles who purchase the Mona M03 will receive additional benefits, including 1,500 kWh of free charging each year for four years.
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The Mona M03, launched in August 2024, is one of Xpeng’s most affordable models, with prices starting at RMB 119,800. It is positioned as a competitor to the Tesla Model 3, which is priced higher. Meanwhile, the X9, Xpeng’s flagship MPV, is priced at RMB 359,800, the highest price point for the company’s vehicles to date.
Source: CNEVPOST