The Xpeng G3i and P7 have had their prices cut after Tesla slashed Model 3 and Model Y prices
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by Brad Anderson
3 hours ago
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by Brad Anderson
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Xpeng has announced a series of price cuts for its electric vehicles in China following a similar move by Tesla.
A post on the automaker’s Weibo page has revealed that the starting price of the entry-level Xpeng G3i SUV has been cut from 168,900 yuan ($24,898) to 148,900 yuan ($21,950), no doubt helping to broaden its appeal and attracting new customers looking for a good deal.
The car manufacturer has also slashed the price of the electric P7 sedan to 209,900 yuan ($31,015), 12.5 percent lower than its previous starting price, Reuters notes.
“We hope to make intelligent vehicles more accessible to more people with more competitive prices,” an Xpeng spokesperson told Reuters after the price cuts.
Shoppers who purchased a new Xpeng just before the price cuts were announced won’t receive the same savings but will be compensated with extended maintenance services for free.
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Prices of the new Xpeng G9 have not been cut and continue to start at 309,900 yuan ($45,683) while topping out at 469,900 yuan ($69,270).
These cuts come soon after Tesla dropped prices of the Model 3 and Model Y by 6 to 13.5 percent in China from January 6 in a move that many analysts believe was made to counteract faltering demand and increased competition. Recent data compiled by China Merchants Bank International (CMBI) has revealed that these cuts have already encouraged new sales. Indeed, average daily sales for Tesla in China during the January 9 to January 15 period soared by 76 percent over the same period in 2022 and came despite a 14.5 percent year-on-year decline in overall retail auto sales in China over the same week.
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