XPeng will launch a new brand of low-cost cars. The manufacturer, which specialises in high-tech cars, is set to enter a new segment amid intense competition in the Chinese market, Reuters reported.
The brand's electric cars will cost between 100,000 and 150,000 yuan ($14,000-$21,000), Xpeng chairman and CEO He Xiaopeng said at an industry event in Beijing.
By comparison, most Chinese premium electric car makers price their products at 200,000-300,000 yuan. For example, XPeng itself sells the G6 crossover at a price starting at 210 thousand yuan (about $29,600), and the X9 minivan for a minimum of 399 thousand yuan (about $56,200).
Even despite the cheapening, the new electric cars are promised intelligent systems of different levels. And the main goal of the brand is called the creation of "the first car for young people with artificial intelligence".
Source: Reuters
