July 16, 2024

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China’s Xpeng claims its latest EV model could be an industry ‘game changer’

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Chinese electric vehicle company Xpeng told CNBC on Friday that its newly launched X9 model could be a “game changer” for the industry.

Xpeng launched the X9 large 7-seater EV on Jan. 1, a car built on its SEPA2.0 architecture for the Chinese market. The X9 series are priced between 359,800 yuan to 419,800 yuan (about $50,360 to $58,760) with immediate deliveries.

“For X9, we actually anticipate this to be a game changer for the battery electric vehicles segment for MPVs (multi-purpose vehicles),” Brian Gu, vice chairman and co-president of Xpeng, told CNBC’s Emily Tan in an exclusive interview.

“We believe this could be the top seller in its category … because I think it has some very innovative technology and design as well as superior handling, industry leading smart driving technology – packed into a very beautifully designed product,” said Gu.

Xpeng’s new launch comes as several domestic EV players such as Nio, Huawei and Zeekr recently revealed new electric vehicles. Even Chinese consumer electronics company Xiaomi is launching its first EV to compete in the market.

We anticipate in 2024, we will be growing much faster than the industry growth which means that we can expand our market share.

Brian Gu

Vice Chairman and Co-President, Xpeng

Xpeng has laid out ambitious plans to roll out driver-assist technology in China by end of last year and in Europe by the end of 2024.

The Chinese EV maker also entered into a cooperation framework agreement with Guangdong Huitian on Jan. 2 to manufacture, develop and sell flying vehicles, where Xpeng will provide research and development, technology consulting services and sales agent services to Guangdong Huitian.

“We anticipate in 2024, we will be growing much faster than the industry growth which means that we can expand our market share,” said Gu, adding that the firm will be looking to increase profit margins with greater scale and better product mix.

“The X9 will be a very high margin product for us,” said Gu.


2024-01-05 04:08:00

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