Premium Chinese EV maker Xpeng eyes slice of mass-market segment with launch of cheaper models to take on bigger rival BYD
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Chinese premium electric-vehicle (EV) maker Xpeng plans to launch a mass-market brand in a month to challenge market leader BYD. The new brand will offer EVs priced between 100,000 yuan and 150,000 yuan, targeting budget-conscious drivers. Xpeng aims to slash the development and production costs of autonomous driving technology by 50% this year. BYD delivered 3.02 million pure electric and plug-in hybrid vehicles in 2023, most of them priced below 200,000 yuan. Xpeng's move follows Nio's decision to launch cheaper models after BYD cut prices. Xpeng's announcement aligns with China's efforts to nurture the EV industry.

#Xpeng #Byd #ElectricVehicles #Mass-market #AutonomousDriving #China

https://emeatribune.com/premium-chinese-ev-maker-xpeng-eyes-slice-of-mass-market-segment-with-launch-of-cheaper-models-to-take-on-bigger-rival-byd/