Xpeng has revealed plans to introduce a new, more affordable brand, entering a highly competitive segment in the EV industry.
The new brand’s models, set to launch within the next month, will be priced between 100,000 yuan and 150,000 yuan ($14,000-$21,000), significantly lower than the 200,000-300,000-yuan range typically seen among premium EV makers.
Xpeng Chairman and CEO He Xiaopeng announced the plans at an industry event in Beijing, stating, “We will successively introduce models under the brand, which we have not named yet, each with different levels of intelligent driving capabilities. The new brand is dedicated to creating the first AI-assisted driving car for young people.”
The move comes amidst a period of intense price competition in China’s EV market, with companies like BYD leading the way in reducing prices.
Sales of battery-powered EVs in China have slowed, with growth dropping to 18.2% in the first two months of the year compared to 20.8% for all of 2023, according to the China Passenger Car Association.
