Leading Chinese electric vehicle manufacturer Xpeng announced its entry into the competitive EV market segment by launching a new, more affordable brand. Xpeng’s CEO, He Xiaopeng, disclosed plans to unveil models priced between 100,000 RMB ($14,000) and 150,000 RMB ($21,000), significantly undercutting premium EV prices typically ranging from 200,000 RMB ($28,000) to 300,000 RMB ($42,000). This move comes amid escalating price competition within China’s EV industry, with market leader BYD driving further price reductions. Xpeng aims to release various models under the new brand, prioritizing intelligent driving capabilities targeted at young consumers.