Xpeng Offers $1400 Discount On G6 SUV Price As EV Market Competition Intensifies
Portfolio Pulse from Benzinga Neuro
Xpeng Inc. (NYSE:XPEV) has announced a limited-time discount of RMB 10,000 ($1,400) on its G6 SUV starting Dec. 18, following a previous price cut on the P7i sedan. The G6's price reduction and a 24-term zero-interest loan option aim to boost sales amid a plateau in growth and increasing competition in China's EV market. Despite a downturn in the Hong Kong stock market and divestment concerns, Xpeng reported a 25% year-on-year sales growth in Q3 FY23 and a record delivery of over 20,000 vehicles in November.
December 18, 2023 | 7:41 am
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Xpeng Inc. offers a discount on its G6 SUV to stimulate sales, despite recent strong performance and market challenges. The price cut could attract more customers but also signals competitive pressures in the EV sector.
The discount on the G6 SUV is a double-edged sword. It may boost short-term sales, but it also reflects the intense competition in the EV market that could pressure margins. The company's strong sales growth and delivery records provide a positive backdrop, but investor sentiment may be cautious due to the potential impact on profitability.
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