China is one of the major markets for the automotive segment and EVs are trending in the automotive segment. Many popular automotive companies have either launched their electric cars already or, are in the phase to launch new electric cars in 2023. XPeng is one of the few EV designer and developer companies, that has premium electric cars for the consumers of China.
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Recently, Xpeng announced the price cut of its P5, P7, and G3i SUV electric cars. The company provided a price cut of 10%-13% by reducing their production costs.
The reduction of the electric car price is because of the current economic conditions and to increase the sales of the electric car in China market.
Many experts have considered that the price cut of the electric car would ignite a price war in the China EV segment, as many popular companies, such as Tesla have already started reducing the price of their electric cars to compete.
XPeng reduced the price of their premium electric car, to attract mainland motorists during the cutthroat competition with Tesla.
When Tesla made their Model 3 and Model Y affordable by reducing the price of their EV second time in China, it attracted many automobile consumers, and then Chinese carmaker, XPeng announced the price cut by 13 percent, less than 15 days after Tesla’s announcement.
Where the whole world is pushing electric vehicles to the consumers, China market is already getting competitive in the premium electric car segment.
The company has reduced the price of the P7 model by 12.5 percent, which is a bestselling electric car by Xpeng. With the reduction in price, the starting price of the P7 model is $30,976 (CNY 209,900)
The company shared that, the reduction of the P7, P5, and G3i models in price is made possible, by reducing the efforts of its production cost.
The price of the G9 electric car is unchanged, which is a 2022 launched luxury SUV electric car.
XPeng official shared that, this price cut is a direct action to make electric cars an affordable mobility solution. With the affordable price, more and more people would be considering electric cars as mainstream.
In the coming future, the company will be focusing on improving its supply chain management and controlling the price. EV consumers will be getting a better consumer experience through advanced technology innovations.
XPeng is a very advanced technological automotive company, that delivers electric cars with high-end technologies. But at the same time, consumers look at the price tag, before purchasing an electric car.
Because of the high-priced electric cars in China, the economy was getting impacted and slowed down. To fight against this economic slowdown in the EV segment, which is already a competitive market in the country, many companies like Tesla and XPeng are announcing the price cut.
With the price cut, electric cars are more affordable for consumers and help in reducing the economic slow down of China.
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