Smart and Sustainable Electric Mobility
By the close of trading, XPeng was down 6.82 percent in Hong Kong, Li Auto was down 6.55 percent and NIO was down 4.03 percent.
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Tesla remains the world's largest manufacturer in the BEV segment, though BYD is rapidly closing the gap with it.
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Consumers who previously bought XPeng models were eligible for purchase subsidies ranging from RMB 10,080 ($1,460) to RMB 13,860.
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XPeng G9 delivered 4,020 units in December, up 160 percent from November, the first time it exceeded 4,000 units.
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The company, which has a registered capital of 5 billion yuan ($718 million), has a range of operations including battery manufacturing, battery sales, battery parts production, motor manufacturing and R&D.
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While contracting Covid is not something to brag about, the CEOs of XPeng and Li Auto are clearly more excited to see no more Covid disruptions after a short period of suffering.
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They will be a facelift of the hot-selling sedan P7, an SUV with the internal code name F30 and an MPV with the internal code name H93, local media said.
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XPeng, with products costing from 150,000 yuan to 470,000 yuan, essentially competing with every other EV brand in the Chinese market, analysts say.
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There are no major concerns about XPeng regarding liquidity in the near term and there is still time to win back market share, according to Edison Yu's team.
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A spy video shows that XPeng may be testing an MPV codenamed H93, which is expected to be released in the second half of 2023.
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