Xpeng breaks out of a lower price range with its more expensive car G9

Xpeng has introduced its most expensive car thus far. Pictured right here at a retailer in Shanghai, China, on July 2021 are two of Xpeng’s beforehand launched fashions, a P7 Wing Limited Edition in inexperienced and a G3 SUV in blue.

Qilai Shen | Bloomberg | Getty Images

BEIJING — Chinese electrical car start-up Xpeng has launched its most expensive car thus far, marking the corporate’s foray into a greater price range.

Shares of the automaker briefly fell by more than 15% in Hong Kong buying and selling Thursday.

On Wednesday evening, Xpeng introduced its latest car, the G9 SUV, might be priced from 309,900 yuan ($44,270) to 469,000 yuan. Deliveries are set to start in China in October, the corporate mentioned.

The price range makes Xpeng’s newest car usually cheaper than new SUV choices this fall from Nio and Li Auto. Nio’s ES7 sells for 468,000 yuan to 548,000 yuan, whereas Li Auto’s Li 9 lists a price of 459,800 yuan.

The G9 can also be cheaper than Tesla’s Model Y, a mid-sized SUV that begins at 316,900 yuan.

However, Xpeng’s earlier automobiles have been priced in a a lot lower range.

The firm’s best-seller to this point, the P7 sedan, prices between 239,900 yuan and 387,900 yuan relying on driving range. The firm’s different sedan, the P5, might be purchased for as little as 179,900 yuan.

Xpeng’s unique SUV, which is now solely accessible as an upgraded mannequin referred to as G3i, runs from 181,900 yuan to 201,900 yuan.

For comparability, inside sedans, Nio’s promote for 328,000 yuan to 536,000 yuan. Tesla’s Model 3 begins at 279,900 yuan, after relevant subsidies.

BYD, the dominant native chief in China’s electrical car market, sells in a good lower price range. The firm’s fashionable Han sedan runs from 214,800 yuan, after subsidies, to 329,800 yuan.

In all, BYD’s Qin, Han and Dolphin automobiles made the highest 5 best-selling new vitality passenger automobiles in China for the primary eight months of the 12 months, in accordance with the China Passenger Car Association. That checklist did not embrace SUVs.

Tesla’s Model 3 ranked sixth, whereas Xpeng’s P7 ranked tenth, the affiliation information confirmed.

One of Xpeng’s promoting factors has been its assisted-driving software program. This week, the corporate introduced it’s rolling out the newest model of the software program — which covers city conditions along with highways — to some customers within the southern Chinese metropolis of Guangzhou.

In addition to assisted-driving software program, the G9 options fast battery charging and what Xpeng calls “an immersive 5D experience” throughout the car for watching films and listening to music. The firm claimed that after it revealed that in-car expertise in August, it acquired more than 20,000 pre-orders for the G9 within the first 24 hours of reservations.

“We’re very confident this G9 will be a very popular SUV in its class,” Brian Gu, Xpeng president and honorary vice chairman, mentioned in an interview with CNBC’s Eunice Yoon this week.

“We think the volume of G9 next year will exceed what we have achieved for P7, which makes it one of our top-selling vehicles,” he mentioned.

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