Xpeng, the Chinese electric startup, is determined to bounce back from a challenging start to 2023. Despite a 40% decline in sales during the first half of the year, the company remains optimistic about its prospects. Xpeng’s president, Brian Gu, recently revealed their new G6 crossover, a direct competitor to Tesla’s Model Y, and expressed confidence that it would significantly boost monthly sales figures in the coming quarters.
Gu, speaking to the media, projected that the introduction of the G6 would elevate the brand’s monthly sales to 15,000 units in the third quarter, nearly double the figures for May and June combined. Furthermore, he anticipated sales to reach up to 20,000 units in the final quarter of the year, demonstrating Xpeng’s unwavering optimism.
During a conversation with Reuters, Gu shared that the company had received a substantial number of orders for the G6. While he refrained from disclosing the exact figure, it is worth noting that Xpeng received approximately 25,000 orders within the first 72 hours of a local presale earlier this year. The G6 is priced between 209,900 yuan ($29,000) and 276,900 yuan ($38,180).
In contrast to its previous reputation as one of Tesla’s top competitors, Xpeng struggled to deliver only 32,815 vehicles in the first five months of 2023. This figure pales in comparison to the 219,893 vehicles sold by the American automaker in China during the same period. The significant drop of 39.8% in sales contributed to a 45.9% decline in revenue, while net losses surged by 37.6%.
Xpeng is set to commence customer deliveries of the G6 this month, generating further anticipation. The company is also promoting the G6’s advanced driver assistance systems, which include features similar to Tesla’s Full Self-Driving suite, specifically designed for urban roads in major cities. Xpeng asserts that its system is the most sophisticated among any electric vehicle in China priced at 250,000 yuan ($34,000) or below.
