Xpeng breaks out of a lower price range with its most expensive car to date

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  • Xpeng announced Wednesday night that its latest car, the G9 SUV, will be priced in the range of 309,900 yuan ($44,270) to 469,000 yuan.
  • The price range makes Xpeng’s latest car generally cheaper than the new SUV offerings that come from the Nio and Li Auto as well as Tesla’s Model Y.
  • However, the Xpeng’s previous cars have been priced in a much lower range.

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BEIJING – Chinese electric car start-up Xpeng has released its most expensive car ever, marking the company’s entry into a higher price range.

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Shares of the automaker fell more than 15% in Hong Kong trading on Thursday.

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On Wednesday night, Xpeng announced its latest car, the G9 SUV, which will cost from 309,900 yuan ($44,270) to 469,000 yuan. Deliveries are scheduled to begin in China in October, the company said.

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The price range makes Xpeng’s latest car generally cheaper than the new SUV offerings from Nio and Li Auto. Nio’s ES7 sells for 468,000 Yuan to 548,000 Yuan, while Li Auto’s Li 9 is priced at 459,800 Yuan.

The G9 is also cheaper than Tesla’s Model Y, which is a mid-sized SUV with prices starting at 316,900 Yuan.

However, the Xpeng’s previous cars have been priced in a much lower range.

The company’s best-selling P7 sedan of all time is priced between 239,900 yuan and 387,900 yuan, depending on the driving range. The company’s second sedan, the P5, can be purchased for as low as 179,900 yuan.

Xpeng’s original SUV, now only available as an upgraded model called the G3i, runs from 181,900 yuan to 201,900 yuan.

For comparison, within the sedan, the Nio has sales of 328,000 yuan to 536,000 yuan. Tesla’s Model 3 starts at 279,900 yuan after applicable subsidies.

BYD, the major local leader in China’s electric car market, sells in an even lower price range. The company’s popular Han sedan runs from 214,800 yuan to 329,800 yuan after subsidies.

Overall, BYD’s Qin, Han and Dolphin cars made up the top five best-selling new energy passenger cars in China for the first eight months of the year, according to the China Passenger Car Association. SUVs were not included in that list.

Data from the association shows that Tesla’s Model 3 is in sixth place, while Xping’s P7 is in 10th place.

One of Xpeng’s selling points has been its assisted-driving software. This week, the company announced that it is releasing the latest version of the software for some users in the southern Chinese city of Guangzhou — including those in urban conditions other than on highways.

In addition to assisted-driving software, the G9 features fast battery charging and what Xpeng calls “an immersive 5D experience” within the car for watching movies and listening to music. The company claimed that after revealing the in-car experience in August, it received over 20,000 pre-orders for the G9 in the first 24 hours of reservation.

“We are very confident that this G9 will be a very popular SUV in its category,” Brian Gu, President and Honorary Vice President of Xpeng, said in an interview with CNBC’s Younis Yoon this week.

“We expect the G9 to exceed volumes achieved for the P7 next year, making it one of our best-selling vehicles,” he said.

Credit: www.cnbc.com /

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