Chinese premium electric-vehicle maker Xpeng is planning to launch a mass market brand very soon, with the new entity aimed at taking the fight to market leader BYD, theAccording to Xpeng co-founder and CEO He Xiaopeng, models under the new brand will be priced between 100,000 yuan and 150,000 yuan and cater to more budget-conscious consumers, marking a departure from the segment the company is now playing in.
Revealing the plan during the China EV 100 Forum in Beijing last weekend, He said that the brand will first introduce a compact EV at a price range of between 100,000 and 150,000 yuan. “In the future, cars with the same prices might be developed into fully-autonomous vehicles,” he added.The model, which will come equipped with advanced driver assistance systems, will be aimed at global markets.
Meanwhile, Xpeng confirmed He’s remarks and said in a statement that the company envisions slashing the development and production costs of autonomous driving technology by 50# this year. At present, Xpeng – which is set toreport adds that Xpeng’s announcement follows on the heels of Shanghai-based Nio’s decision to launch cheaper models after BYD began cutting the prices of nearly all of its models in February to maintain its leading position.
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