(CTN News) – In a teaser posted on the company’s website, Xpeng teased two vehicles it intends to release in the coming year, one of which is targeting to compete with Tesla’s upcoming Model Y electric car.
The company currently sells four different vehicles – the flagship P7 sedan, a more affordable P5 sedan, the G3 sports utility vehicle, as well as a larger G9 SUV that is expected to be delivered to customers in October.
Xpeng Vs Tesla’s upcoming Model Y electric car
As Xpeng looks to gain market share in China’s rapidly growing electric vehicle market and compete with the likes of Tesla and Warren Buffett-backed BYD, it has been aggressive in launching vehicles in recent years.
However, despite the fact that the company has not released any names or many details about the two new models scheduled for 2023, Xpeng President Brian Gu did provide some tidbits of information.
It is expected that one of the vehicles will be a so-called B-class vehicle while the other will be a C-class vehicle. There are different classes of vehicles based on the size of the vehicle. The company’s P7 sedan is classified as a B class vehicle while its G9 SUV is classified as a C class vehicle to give you a sense of context.
According to Gu, the B-class will debut in the first half of next year and will target “an even larger market segment” than the P7 sedan. Compared to Tesla’s Model Y mid-sized SUV, the car can be considered a “strong competitor.”
According to Gu, the C-class product will be released in the second half of 2023.
Because the C-class model is positioned as a premium and large format vehicle, Gu expects its contribution to be limited. It will still target a brand-new segment that we haven’t covered before, he continued.
The new models will not be sedans, according to Gu. The type of vehicle he would use was not mentioned.
According to the executive, the B-class will have a different size and price point than the upcoming G9.
The positioning and lineup of our models have minimal cannibalization,” Gu said.
In China, Tesla’s Model Y consistently ranks among the top-selling electric vehicles. The biggest electric car market in the world is seeing fierce competition with Xpeng and rivals Nio and Li Auto.
A widening loss and weak delivery guidance for the third quarter sent Xpeng’s stock plummeting after the company reported a wider-than-expected loss in the second quarter.
According to Gu, the company will enter a growth phase with the launch of its new cars and the G9.
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