China EV maker Xpeng to launch a Tesla Model Y competitor in 2023

A brand new Xpeng P7 automotive is proven in the Xpeng Motors flagship retailer in a shopping center. Xpeng P7 is among the two standard fashions of Xpeng motors.

Zhang Peng | LightRocket | Getty Images

Chinese electrical carmaker Xpeng teased particulars about two new autos it plans to launch subsequent yr, with one positioned to be a competitor to Tesla’s Model Y.

Currently, the corporate has 4 autos on sale — the flagship P7 sedan, a cheaper P5 sedan, the G3 sports activities utility automobile and a bigger G9 SUV that can start being delivered to prospects in October.

Xpeng has been aggressive in launching autos because it seems to achieve share in China’s fast-growing electrical automobile market and problem leaders equivalent to Tesla and Warren Buffett-backed BYD.

While the corporate has not launched names or many particulars concerning the two new fashions slated for 2023, Xpeng President Brian Gu, supplied some snippets of data.

One of the autos can be a so-called B-class automobile and the opposite a C-class automobile. The lessons refer to the scale of the automobile. For context, the corporate’s P7 sedan is a B-class automotive whereas the G9 SUV is a C-class automobile.

Gu mentioned the B-class automobile will launch in the primary half of subsequent yr and is “actually going to target [an] even larger market segment” than the P7 sedan. He mentioned the automotive may be thought-about a “strong competitor” to Tesla’s Model Y mid-sized SUV.

The C-class product can be launched in the second half of 2023, Gu added.

“Given the premium and large format positioning, the number may be limited in terms of contribution,” Gu mentioned of the C-class mannequin. “But again, it’s still going to be targeting a brand-new segment that we did not cover before,” he added.

Gu additionally mentioned the brand new fashions is not going to be sedans. He didn’t touch upon the kind of automobile they’d be.

The government mentioned the B-class mannequin can be “different” to the upcoming G9 in phrases of measurement and worth level.

“So there’s minimal cannibalization from our model positioning and lineup,” Gu mentioned.

Tesla’s Model Y is constantly one of many top-selling electrical autos in China. But competitors in the world’s largest electrical automotive market is on the rise with Xpeng and rivals Nio and Li Auto making an attempt to problem the U.S. big.

Details of Xpeng’s new automobiles got here after the corporate reported a wider-than-expected loss in the second quarter of the yr, and weak supply steering for the third quarter that despatched its inventory cratering.

Gu mentioned with the launch of the G9 and its new automobiles subsequent yr, the corporate will enter a “growth cycle.”

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