Smart and Sustainable Electric Mobility
Xpeng's overall sales in the first half of 2023 also saw a sharp decline of 40%. However, the newly released Xpeng G6 orders are hot, and the official website shows that it will take 12 weeks to deliver
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Xpeng's Hong Kong-traded shares rose more than 14 percent to HK$51.80 at press time, giving it a 30 percent gain for the week.
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Xpeng (NYSE: XPEV) officially launched the G6 yesterday, and the company's management clearly has high hopes for the new SUV.
The G6's monthly sales target is at least 10,000 units, Xpeng chairman and CEO He Xiaopeng said in an interview with local media after yesterday's G6 launch, according to a report by Auto Home.
Mr. He disagreed with the idea that Xpeng needs to turn its fortunes around with the G6, saying that a company that bets its future on one car is doing it wrong.
In the auto industry, automakers need long-term thinking and systemic competitiveness, he said.
Xpeng officially launched the G6 yesterday, offering five versions with starting prices of RMB 209,900 ($28,940), RMB 229,900, RMB 234,900, RMB 254,900 and RMB 276,900 respectively.
Of the five options, the three versions in the middle price range will be the best sellers, meaning the G6 will be in the RMB 250,000 range in terms of average sales price, according to Mr. He.
At yesterday's launch, he said the G6 is expected to be the top-selling smart electric SUV in China within two months priced at the RMB 250,000 level.
The Xpeng G6 received more than 25,000 pre-orders within 72 hours of the start of pre-sales on June 9, and more than 35,000 pre-orders as of June 28, said Yi Han, the company's vice president of marketing, repeating Mr. He's remarks at yesterday's launch event.
Forty percent of Xpeng G6 orders came from offline stores and 60 percent from online channels, Yi said.
Mr. He made it clear in yesterday's interview that Xpeng will not launch extended-range electric vehicle (EREV) models similar to Li Auto (NASDAQ: LI).
As an entrepreneur, choices need to be made and trade-offs need to be made, he said.
In a June 15 speech, Mr. He said he could foresee a large number of hybrid models in China in the next two years, especially inside family cars.
"Because everyone sees the success, they will follow. Because they are following, a large number of models will focus on the same place. It's a very interesting thing," he said in the speech.
Xpeng shares traded in Hong Kong continued to rise today, up more than 14 percent to HK$51.80 at press time, giving it a 30 percent gain for the week.
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Xpeng officially launches G6 with starting price of $29,010 to regain past glory
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XPeng G6 is available in single-motor and dual-motor versions, offering three CLTC cruising ranges of 580 km, 700 km, and 755 km.
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Xpeng G6 hit the market, Model 3 will have CATL battery, strange deal for Geely - Belarusian SOE's want's only their cars and GAC wants to hit 500k sales this year
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The G6 is expected to be the top-selling smart electric SUV in China in the RMB 250,000 price level within two months, said Xpeng's CEO.
(Image credit: Xpeng)
Xpeng (NYSE: XPEV) today officially launched its highly anticipated new SUV, the G6, in China at prices significantly below the pre-sale price to recapture its past glory.
The G6 is a direct competitor to the Tesla Model Y, and Xpeng is offering it in five versions, including two Pro versions and three Max versions.
These five versions start at RMB 209,900 ($29,010), RMB 229,900, RMB 234,900, RMB 254,900 and RMB 276,900 respectively.
The starting price is RMB 15,100 lower than Xpeng's G6 pre-sale price of RMB 225,000 announced on June 9.
The G6 measures 4,753 mm in length, 1,920 mm in width and 1,650 mm in height, and has a wheelbase of 2,890 mm, which is essentially the same as the Tesla Model Y, which measures 4,750 mm in length, 1,921 mm in width and 1,624 mm in height, and has a wheelbase of 2,890 mm.
The Model Y is currently available in three versions in China, with starting prices of RMB 263,900, RMB 313,900 and RMB 363,900 respectively.
The Tesla model sold 31,054 units at retail in China in May, making it once again the best-selling SUV in the country, according to a ranking released earlier this month by the China Passenger Car Association (CPCA).
Xpeng began pre-sales of the G6 on June 9 and later announced that the model had received more than 25,000 orders in 72 hours.
At today's launch event, Xpeng chairman and CEO He Xiaopeng said the G6 had more than 35,000 pre-sale orders as of June 28 since June 9.
The G6 is expected to become the top-selling smart electric SUV priced at the RMB 250,000 level in China within two months, he said.
It's worth noting that while Xpeng previously emphasized that the G6's most direct competitor is the Tesla Model Y, Mr. He's comments seem to rule out comparisons to the Model Y, which is priced above RMB 250,000 for all versions.
In China, consumers generally prefer SUVs with more space, which is why the earliest models from startups including Xpeng, Nio (NYSE: Nio) and Li Auto (NASDAQ: LI) were all SUVs.
Tesla's Model Y has also quickly become one of the best-selling electric vehicles in China after it starts production at its Shanghai plant in 2021.
From January to May, Model Y retail sales in China were 152,461 units, up 87.03 percent year-on-year, making it the best-selling SUV in China during that period.
Based on the 800 V platform, the Xpeng G6 boasts more than 100 advanced features, including a 3C battery that supports ultra-fast charging, and the company's signature driver assistance software, XNGP.
Four versions of the vehicle are single-motor rear-wheel drive models, offering a choice of two ranges -- 580 and 755 kilometers. The most expensive version is a dual-motor four-wheel drive model with a CLTC range of 700 kilometers.
The G6 can be charged from 0 to 80 percent in as little as 20 minutes, with combined energy consumption as low as 13.2 kWh per 100 km.
The model is equipped with battery cells from CATL's local rival CALB and battery packs produced by Xpeng's plant in Wuhan, Hubei, according to a previous regulatory filing.
In terms of performance, the lowest-priced Xpeng G6 can accelerate from 0 to 100 km/h in 6.6 seconds, while the highest-priced 4WD version is 3.9 seconds.
XNGP is an all-scenario assisted driving system, and Xpeng aims to have it provide driving assistance in all scenarios including highways, city roads, internal campus roads, and parking lots.
On June 15, Xpeng announced that the urban part of the system, City NGP (Navigation Guided Pilot), became available in Beijing after Guangzhou, Shenzhen and Shanghai.
Xpeng announced at today's launch event that XNGP will cover an additional 50 Chinese cities in the second half of the year, with the goal of being available in 200 cities next year.
The G6 show cars and vehicles for test drives are already available in Xpeng showrooms in China, and deliveries of the model will begin in July.
Xpeng also said today that the G6 is based on Chinese and European five-star safety standards and that deliveries in Europe will also begin next year.
Xpeng restarted its European expansion, once on hold, with the launch of the G9 and the new P7 in Europe in February.
The G6 will be crucial for Xpeng to boost weak sales, which fell to 5,218 units in January and have only recovered to just over 7,000 units in the past three months.
The G6 will be a hot seller in China's new-energy SUV market in the RMB 200,000 to 300,000 range, and will enable Xpeng's total deliveries to grow well above the industry's pace in the third quarter, the company's management said in a May 24 analyst call following its first-quarter earnings announcement.
Xpeng management also said at the time that it had set aside about two months between the start of production and delivery of the G6, a model that Xpeng hopes will reach more than double the sales of the P7i.
This means that Xpeng management expects monthly sales of the G6 to reach 6,000-8,000 units, Deutsche Bank analyst Edison Yu's team said in a May 30 research note.
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Xpeng will hold an official launch event for the G6 today starting at 8 pm Beijing time, where the official pricing will be announced.
Xpeng's (NYSE: XPEV) highly anticipated new SUV, the G6, a Tesla (NASDAQ: TSLA) Model Y competitor, will go on sale in China in about 10 hours. Ahead of that, investors are clearly excited.
Xpeng's Hong Kong-traded stock was up 4.72 percent to HK$46.90 as of press time, giving it a cumulative gain of more than 18 percent since Monday.
The Chinese electric vehicle (EV) company's US-traded ADRs rose 7.29 percent to $11.78 at yesterday's close, giving it an 18.99 percent gain for the week.
The biggest catalyst driving the rally in Xpeng shares this week is the upcoming launch of the G6.
Xpeng will hold the launch event of the G6 starting at 8 pm Beijing time (8 am US Eastern time) on June 29, and it posted a Weibo early this morning saying that everything is in place for the event.
(Image credit: XPeng)
Xpeng gave the G6 its debut on the first day of the Shanghai auto show on April 18, saying the G6 is the ultimate form of car before full autonomous driving is achieved.
The model is based on the 800 V high-voltage platform and can get a 300-kilometer range in as little as 10 minutes of charge, Xpeng said at the time. The company's other 800 V-based model is the flagship SUV G9.
Xpeng began pre-sales for the G6 on June 9, with pre-sale prices starting at RMB 225,000 ($31,090), significantly lower than the Tesla Model Y's starting price of RMB 263,900 in China.
The Xpeng G6 received more than 25,000 orders within 72 hours of the start of pre-sales, the company announced on Weibo on June 12.
The G6 show cars were already available at Xpeng stores, and the model would officially launch on June 29 with deliveries starting in July, the company said earlier this month.
Referring to the practices of other local Chinese EV companies, Xpeng will likely announce a lower final pricing than the pre-sale price when the G6 officially launches today, thus providing consumers with a surprise that exceeds expectations.
The Xpeng G6 is an all-electric mid-size SUV with a length, width and height of 4,753 mm, 1,920 mm and 1,650 mm, respectively, and a wheelbase of 2,890 mm, a regulatory filing from March showed.
For comparison, the Tesla Model Y has a length, width and height of 4,750 mm, 1,921 mm and 1,624 mm, respectively, and a wheelbase of 2,890 mm.
The G6 will be a hot seller in China's new energy SUV market priced in the RMB 200,000 to 300,000 range and will enable Xpeng's total deliveries to grow well above the industry in the third quarter, the company's management said in a call with analysts after announcing its first-quarter earnings on May 24.
In the view of Wall Street analysts, the G6 will be critical to boosting Xpeng's sluggish sales.
"With margins and cash burn looking materially worse following 1Q earnings, we believe management may be making its last stand with the G6," Deutsche Bank analyst Edison Yu's team said in a research note sent to investors on May 30.
Xpeng management said in a May 24 conference call that it had set aside about two months between the start of production and delivery of the G6, and that Xpeng wanted the model to reach more than twice the sales of the P7i.
This means, according to Yu's team, that Xpeng management expects the G6 to sell 6,000-8,000 units a month.
The G6 needs to be successful for XPeng to be truly relevant to the market again, the team said.
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XPeng says G6 gets over 25,000 orders 72 hours after pre-sale starts
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Xpeng G6 is an EV to compete with the Tesla Model Y. It will be officially released at the end of June and delivered in July.
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Many visitors have experienced the show cars at XPeng stores over the past 3 days, demonstrating their enthusiasm for the G6, it said.
(Image credit: XPeng)
XPeng's (NYSE: XPEV) new SUV, the G6, appears to be getting a good initial reception, the electric vehicle (EV) maker's pre-sale orders announced today showed.
The XPeng G6 received more than 25,000 orders within 72 hours of the start of pre-sales, the company said on Weibo.
Many visitors have experienced the show cars in XPeng stores over the past three days, demonstrating their enthusiasm for the G6, the company said.
Visitors have commented positively on the XPeng G6's space, 755 km range, and fast-charging capability thanks to the 800 V high-voltage platform, XPeng said.
XPeng will announce official configurations and pricing at the end of June, and the company will accelerate its capacity climb and deliver vehicles as early as possible, its chairman and CEO He Xiaopeng said in a retweet of XPeng's Weibo.
XPeng began pre-sales for the G6 on June 9, with pre-sale prices starting at RMB 225,000 ($31,510), significantly lower than the RMB 263,900 starting price of the Tesla Model Y in China.
The G6 show cars are already available at XPeng stores, and the model will officially launch on June 29 with deliveries starting in July, the company said last week.
Consumers who pay RMB 2,000 to reserve an XPeng G6 now will receive an RMB 5,000 discount when they pay for the car.
XPeng unveiled a new architecture, called SEPA (Smart Electric Platform Architecture) 2.0, at a technology conference in Shanghai on April 16, saying the G6 would be the first model built on the architecture.
On April 18, XPeng officially unveiled the G6 on the first day of the Shanghai auto show, saying that the G6 is the ultimate form of car before fully autonomous driving is achieved.
The model is based on the 800 V high-voltage platform and can get 300 kilometers of range in as little as 10 minutes on a charge, XPeng said at the time. Another of the company's 800 V-based models is the G9.
It is an all-electric mid-size SUV with a length, width and height of 4,753 mm, 1,920 mm and 1,650 mm, respectively, and a wheelbase of 2,890 mm, a regulatory filing in March showed.
For comparison, the Tesla Model Y has a length, width and height of 4,750 mm, 1,921 mm and 1,624 mm, respectively, and a wheelbase of 2,890 mm.
The G6 will be a hot seller in China's new energy SUV market in the RMB 200,000 to 300,000 range and will enable XPeng's total deliveries to grow well above the industry in the third quarter, the company's management said in a conference call with analysts after announcing its first-quarter earnings on May 24.
That means XPeng management expects monthly sales of the G6 to reach 6,000-8,000 units, Deutsche Bank analyst Edison Yu's team said in a research note sent to investors on May 30.
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XPeng surges in HK as investors seem to like G6's pre-sale price
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XPeng's stock traded in Hong Kong continues to rally after the announcement of the G6's pre-sale price, currently up about 5 percent.
XPeng (NYSE: XPEV) shares traded in Hong Kong rallied quickly after pre-sales of the new SUV G6 began, suggesting investors may be bullish on the pricing.
At press time, XPeng was up 5.03 percent to HK$34.45 in Hong Kong.
XPeng's local peer NIO (NYSE: NIO) is now down about 0.08 percent in Hong Kong, while Li Auto (NASDAQ: LI) is up 0.8 percent. Hong Kong's Hang Seng Index is up 0.58 percent.
XPeng opened up more than 2 percent in Hong Kong, but then fell quickly, giving back all of its gains at about 10:20 am.
The company announced at 10:16 am today that the G6 was up for pre-sale, with a starting pre-sale price of 225,000 yuan ($31,610). Its stock price continued to move higher after that.
The pre-sale starting price for the XPeng G6 is RMB 38,900 less than its direct competitor, the Tesla Model Y, and RMB 84,900 less than the RMB 309,900 starting price for XPeng's flagship SUV, the G9.
It is important to note that the pre-sale price is not the final price and XPeng may provide new pricing based on consumer feedback when the G6 is officially launched.
G6 show cars are already available at XPeng stores, and the model will be officially launched on June 29, with deliveries starting in July, the company said.
Analysts believe the G6 will be critical for XPeng as the company continues to face weak sales and financial performance.
"With margins and cash burn looking materially worse following 1Q earnings, we believe management may be making its last stand with the G6," Deutsche Bank analyst Edison Yu's team said in a May 30 research note.
The team's previous view assumed XPeng could see stable natural margin improvement from the sharp drop in battery input prices, but those savings were mostly offset by incremental promotional activity and a poor mix.
" Therefore, the importance of the upcoming G6 has become even GREATER," the team wrote.
Weak delivery performance over the past year has dampened XPeng shares, and they are down about 11 percent year to date.
XPeng begins pre-sales of G6 with starting price significantly lower than Tesla Model Y
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Xpeng G6 pre-sales started in China. It has up to 460 hp, 755 km of CLTC range and a starting price of 31,600 USD. Is it enough to beat Tesla?
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