A new Xpeng P7 car is on display in the Xpeng Motors flagship store in a shopping mall. Xpeng P7 is one of two popular Xpeng motorcycle models.
Zhang Peng | LightRocket | beautiful pictures
China’s electric car manufacturer Xpeng has revealed details about two new vehicles it plans to release next year, with one positioned as a competitor of Tesla’s Y model.
Currently, the company has four cars on sale – the flagship P7 sedan, the cheaper one Sedan P5G3 sport utility vehicle and one Bigger G9 SUV will begin shipping to customers in October.
Xpeng has been aggressive in launching vehicles as it wants to gain market share in China’s rapidly growing electric vehicle market and challenge leaders like Tesla and BYD backed by Warren Buffett.
While the company hasn’t revealed the names or many details about the two new models slated to launch in 2023, Xpeng President Brian Gu has provided some snippets of information.
One of the vehicles will be called a B class vehicle and the other a C class vehicle. Classes refer to the size of the vehicle. For context, the company’s P7 sedan is a B-class sedan while the G9 SUV is a C-class sedan.
Gu said the B-class car will launch in the first half of next year and “really will aim for it [an] even larger market segment” than the P7 sedan. He said the vehicle could be seen as a “strong competitor” to Tesla’s Model Y mid-size SUV.
The C-class product will be released in the second half of 2023, Gu added.
“With high-end positioning and large format, the number can be limited in terms of contributions,” Gu said of the C-class model. “But again, it will still target a whole new segment that we didn’t cover before,” he added.
Gu also said the new models will not be sedans. He did not comment on the type of vehicle they would use.
The executive said the B-class sedan will be “different” from the upcoming G9 in terms of size and price point.
“So there is very little cannibalism from our location and product line,” says Gu.
Tesla’s Model Y is Always one of the best selling electric vehicles in China. But competition in the world’s largest electric car market is increasing with Xpeng and its rivals Nio and Li Auto trying to challenge the US giant.
Details on Xpeng’s new cars come after the company reported a larger-than-expected loss in Q2 of the year and weak Q3 delivery guidance. that makes its stock boxed.
Gu said with the launch of the G9 and its new cars next year, the company will enter a “growth cycle”.
