July 23, 2024

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Electric mobility: Xpeng says its new electric car will be a game changer in the automotive industry – Economic Mail

Electric mobility: Xpeng says its new electric car will be a game changer in the automotive industry – Economic Mail

The new X9 model launched by Chinese electric car company Xpeng could be a game-changer for the global auto industry, a spokesperson for Chinese electric car company Xpeng told CNBC.

Xpeng launched its large 7-seat electric car, the X9, on January 1, a car based on the SEPA2.0 architecture for the Chinese market. The price of the X9 Series ranges from 359,800 yuan to 419,800 yuan (about $50,360 to $58,760) and the vehicles are ready for delivery.

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“For the X9, we expect it to be a game-changer in the multimodal battery electric vehicle segment,” Brian Gu, vice president and co-president of Xpeng, said in an interview with CNBC.

“We believe this could be a bestseller in its class… because I think it has very innovative technology and design as well as superior handling, leading intelligent drive technology – and it is a very beautifully designed product,” Gu emphasized.

The launch of the new Xpeng comes at a time when several local electric vehicle players such as Nio, Huawei and Zeekr have recently unveiled new electric models. Even Chinese consumer electronics company Xiaomi is launching its first electric car to compete in the market.

Xpeng has set ambitious plans to deploy driver assistance technology in China by the end of last year and in Europe by the end of 2024.

Cooperation for flying vehicles

The Chinese electric car maker also entered into a cooperation agreement with Guangdong Huitian on January 2 to manufacture, develop and sell flying vehicles, in which Xpeng will provide R&D, technology consulting and sales agent services to Guangdong Huitian.

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“We expect that in 2024 we will grow much faster than the industry, which means we can expand our market share,” Gu said, adding that the company will seek to increase margins on a larger scale and better product mix.

“The X9 will be a high-profit product for us,” Joe said.

Intense competition

Competition is heating up in China's electric vehicle market, with BYD, Li Auto and Geely among a few companies that have met their annual sales targets.

Xpeng and Nio were among those who missed their targets.

Xpeng delivered a total of 141,601 vehicles in 2023, up 17% from last year. This falls short of the company's goal of delivering 200,000 cars annually, as reported by local media.

“Investors' interest [για το 2024] “The question is whether the company can maintain decent delivery momentum through new issues and improve profitability in a challenging pricing environment, in our view,” Morningstar analyst Vincent Sun said recently, referring to Xpeng.

Nio delivered 160,038 vehicles in 2023, up 30.7% year-over-year — but remained well short of its target of about 245,000 vehicles based on management's “double-volume” target for 2022 while the company's fourth-quarter results are in session.

Li Auto delivered 376,030 vehicles in 2023 – achieving the annual delivery figure of 300,000 vehicles.

In terms of sales, BYD met its target of 3 million in 2023 and overtook Tesla as the world's best-selling electric vehicle brand in the fourth quarter, selling more battery-powered cars than its American rival.

BYD produced 3.05 million cars in 2023, while Tesla said it made 1.84 million cars in the same year.

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