Xpeng breaks out of the lower price range with its most expensive car to date

Xpeng has announced its most expensive car to date. Pictured here at a store in Shanghai, China, in July 2021 are two of the previously released Xpeng models, the P7 Wing Limited Edition in green and the G3 SUV in blue.

Kelay Shane | Bloomberg | Getty Images

BEIJING – Chinese electric car startup Xpeng has released its most expensive car to date, signaling the company’s entry into an even higher price range.

Shares of the automaker briefly fell more than 15% in Hong Kong trading on Thursday.

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Xpeng announced on Wednesday evening that its latest vehicle, the G9 SUV, will range in price from 309,900 yuan ($44,270) to 469,000 yuan. The company said deliveries are scheduled to begin in China in October.

The price range makes the latest Xpeng cheaper overall than this fall’s new SUV offerings from Nio and Li Auto. The ES7 from Nio retails for 468,000 yuan to 548,000 yuan, while Li Auto’s Li 9 lists a price tag of 459,800 yuan.

The G9 is also cheaper than Tesla’s Model Y, which is a mid-size SUV starting at 316.900 yuan.

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However, previous Xpeng cars were priced in a much lower range.

The company’s best-selling vehicle to date, the P7 sedan, costs between 239,900 yuan and 387,900 yuan depending on the driving range. The company’s other sedan, the P5, can be purchased for 179.900 yuan.

The original Xpeng SUV, which is now only available as an upgraded model called the G3i, has a price range of 181,900 yuan to 201,900 yuan.

For comparison, inside the sedans, the Nio sold for 328,000 yuan to 536,000 yuan. The Tesla Model 3 starts at 279,900 yuan, after applicable subsidies.

BYD, the dominant domestic company in the electric car market in China, sells in a lower price range. The price of the company’s popular Han sedan ranges from 214,800 yuan after subsidies to 329,800 yuan.

Overall, BYD’s Qin, Han and Dolphin cars made the top five selling new energy passenger cars in China during the first eight months of the year, according to the China Passenger Car Association. That list did not include SUVs.

The association’s data showed that the Tesla Model 3 ranked sixth, while the Xpeng’s P7 ranked tenth.

One of Xpeng’s selling points was the driving assistance program. The company announced this week that it will roll out the latest version of the software – which covers urban parking as well as highways – to some users in the southern Chinese city of Guangzhou.

In addition to assistive driving software, the G9 features fast battery charging and what Xpeng calls an “immersive 5D experience” inside the car for watching movies and listening to music. The company claimed that after it revealed an in-car trial in August, it received more than 20,000 pre-orders for the G9 in the first 24 hours of booking.

“We are very confident that this G9 will be a very popular SUV in its class,” said Brian Jo, Xpeng President and Vice President Emeritus, in an interview with CNBC’s Eunice Yoon this week.

“We believe the size of the G9 next year will exceed what we achieved for the P7, making it one of our best-selling cars,” he said.

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