Beijing — Chinese electric-vehicle maker Xpeng has announced plans to launch a cheaper brand, entering a highly competitive segment amid intense price competition in the industry.
Models of the brand, to be launched within the next month, will be priced between 100,000 yuan and 150,000 yuan ($14,000 to $21,000), Xpeng Chairman and CEO He Xiaopeng told an industry event in Beijing on Saturday, the company posted on its official WeChat account.
That compares with a 200,000 to 300,000-yuan range where premium electric-vehicle (EV) makers generally price their cars.
Competition in China’s EV market has intensified as companies race to cut prices, with market
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