Reuters
Xpeng to launch cheaper EV brand amid fierce China price competition
Chinese electric-vehicle (EV) maker Xpeng announced plans to launch a cheaper brand, entering a highly competitive segment amid an intense price competition in the EV industry. Models of the brand, to be launched within the next month, will be priced between 100,000 yuan and 150,000 yuan ($14,000-$21,000), Xpeng Chairman and CEO He Xiaopeng told an industry event in Beijing on Saturday, the company posted on its official WeChat account. Competition in China’s EV market has intensified as companies race to cut prices, with market leader BYD spearheading a deeper round of price reductions.