Chinese EV maker Xpeng on Thursday revealed the prices of its G6 sports utility vehicles at a competitive starting price of RMB 209,900 ($28,956), more than 20% cheaper than Tesla’s Model Y in China. The automaker is under growing pressure from investors to drive up sales with the new model after the months-long slump.
Why it matters: Speaking to reporters during an interview on Thursday, Xpeng’s CEO He Xiaopeng said that the G6, which has a similar size and appearance to Tesla’s Model Y, has the potential to achieve monthly deliveries of over 10,000 units.
- He voiced confidence in a “positive” conversion ratio of its backlog reservations to orders following Thursday’s launch, adding that the company has received more than 35,000 pre-orders for the G6 as of Wednesday after reservations opened on June 9.
Details: The long-anticipated G6 five-seater is almost the same size as the Model Y. The new model measures around 4.75 meters in length, and 1.92 meters in width, and spans a 2.89-meter-long wheelbase.
- The higher-end version is powered by dual electric motors combining an output of 358 kW and maximum torque of 660 Nm, a bit higher than the respective 357 kW and 659Nm of the Model Y.
- The G6 accelerates from 0 to 100 km/h (62 mph) in 3.9 seconds, a bit slower than the Model Y’s 3.7 seconds, yet the crossover has a maximum driving range of 755 kilometers (469 miles), compared with the Model Y’s 660 km.
- Xpeng’s CEO also boasts a faster charging time for the G6, allowing additional travel of 300km on a 10-minute charge and greater powertrain efficiency than peers’ offerings, empowered by an 800-volt silicon carbide power module.
- The charging rate could be more than twice as fast as existing offerings with a 400V charging system, according to a Thursday statement from the company. Xpeng has operated more than 1,000 proprietary charging stations as of Friday and has had plans to add 500 ultra-fast charging stations this year.
- He added that Xpeng owners will be able to access the company’s automotive driver assistance system (ADAS), called the XNGP, for urban traffic roads without the utilization of high-precision maps in 50 major domestic cities during the second half of this year.
- Additionally, Xpeng will begin offering a so-called “AI Valet Driver” function to all XNGP users from the fourth quarter of 2023, allowing its vehicles to navigate on some fixed routes like an “experienced” human driver, according to the company. Rival Li Auto shared similar plans earlier this month.
- The G6 has a price range of between RMB 209,900 and RMB 276,900 ($28,956-$38,134), with the starting price being 7% lower than its previously announced tag of RMB 225,000. By comparison, the China-made Model Y currently costs from RMB 263,900 to RMB 363,900.
Context: Xpeng reported year-to-date deliveries of 32,815 vehicles as of May, a nearly 40% reduction from the same period a year earlier.
- President Brian Gu on May 24 told investors that it expected monthly deliveries to reach 15,000 units starting September when the G6 is scheduled for mass delivery.
- Xpeng’s shares rose 6.85% in Nasdaq during before-hours trading as of writing on Friday, although its shares have fallen 80% since the beginning of 2022.