Xpeng Follows Tesla With Major Price Cuts on China Electric Cars
- Xpeng slashes $22,000 off G3i base models, P7 sedans also cut
- Many automakers lowering prices in world’s biggest EV market
XPeng showroom in Beijing
Source: Bloomberg
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Xpeng Inc. has bowed to an intensifying price war in China’s electric-vehicle market, lowering those on its models by as much as 12.5% Tuesday after Tesla Inc.’s surprise cuts at the start of the year.
The starting price of the base model of Xpeng’s G3i sport utility vehicle dropped to 148,900 yuan ($22,000) from 168,900 yuan, according to a post on the company’s official Weibo page. P7 sedan prices were cut to 249,900 yuan, while the tag on the newly-released G9 model stayed the same.