Goldman Sachs believes the market has yet to fully reflect the potential of the G6, with the model ranking No.1 among comparable models, and which is the most competitive product released by Xpeng to date.
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Checking out the XPeng G6: Can it really compete with Tesla's Model Y? Full review with all the nitty-gritty details here.
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The G6 has received many orders, which would help Xpeng see monthly deliveries reach 15,000 units in the third quarter and 20,000 units in the fourth quarter, an executive previously said.
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Never before has any Xpeng model been so popular, said a store employee, according to a local media report.
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Xpeng (NYSE: XPEV) previously announced pre-orders for its new SUV, the G6, but did not mention firm orders for the model after its official launch. Now, a new report provides some reference.
As of July 3, the Xpeng G6 had received about 28,000 firm orders with non-refundable deposits in China, just four days after the model's official launch on June 29, according to a report today from local automotive outlet D1EV.
Staff at an Xpeng store in Beijing said that never before has any other model from the company been so popular, according to the report.
Judging by the Xpeng G6's performance in Tier 1 and Tier 2 cities, the overall conversion rate of pre-orders to firm orders reached 60 percent, the report said.
The model performs better in Tier 1 cities, which are more friendly to new energy vehicles (NEVs), with one store in Beijing already having more than 300 orders for the Xpeng G6, according to the report.
The most popular version of the Xpeng G6 is the 755 Max version, followed by the 580 Max, and they both come with XNGP driver assistance software, the report said, adding that this reflects the appeal of the assisted driving capability to customers.
Xpeng officially launched the G6 in China on June 29, offering five versions, including two Pro versions as well as three Max versions, the former with the Xpilot assisted driving software only and the latter with the more powerful XNGP.
The five versions start at RMB 209,900 ($28,960), RMB 229,900, RMB 234,900, RMB 254,900 and RMB 276,900 respectively.
Xpeng began pre-sales for the G6 on June 9 and subsequently announced that the model had received more than 25,000 pre-orders within 72 hours.
He Xiaopeng, the company's chairman and CEO, said at the model's launch event that the G6 had more than 35,000 pre-orders as of June 28 since it began pre-sales on June 9.
The G6 is expected to become the top-selling smart electric SUV priced at the RMB 250,000 level in China within two months, he said.
While the G6 has received good initial acceptance, Xpeng needs to ramp up production capacity soon to avoid long waits that could lead to potential orders being lost.
Customers have been very enthusiastic about the G6, and those who order it now will have to wait about 10 weeks, Brain Gu, Xpeng's vice chairman and president, told English-language media reporters, including CnEVPost, at an online conference Wednesday night.
Xpeng wants shorter and shorter delivery cycles for the G6, but right now the model still needs capacity ramp-up, Gu said.
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Xpeng works to boost capacity as G6 wait time exceeds 10 weeks
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As of July 5, Xpeng's US-traded ADR was up about 75 percent cumulatively since June 9, when the G6 began pre-sales.
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Xpeng's (NYSE: XPEV) new SUV, the G6, has received good initial acceptance and now the company has an important task: ramping up production capacity as soon as possible.
Customers have been very enthusiastic about the G6, and those who order it now will have to wait about 10 weeks, Brain Gu, Xpeng's vice chairman and president, told English-language media reporters, including CnEVPost, at an online conference Wednesday night.
Xpeng wants shorter and shorter delivery cycles for the G6, but right now the model still needs capacity ramp-up, Gu said.
He mentioned that the G6 has received a significant number of orders, which would help Xpeng see monthly deliveries reach 15,000 units in the third quarter and 20,000 units in the fourth quarter.
Xpeng officially launched the G6 in China on June 29 with a starting price of RMB 209,900 ($28,980), significantly lower than the starting price of RMB 263,900 for the Tesla (NASDAQ: TSLA) Model Y, its main competitor, in China.
The company began pre-sales for the G6 on June 9 and later announced that the model had received more than 25,000 orders within 72 hours.
At the launch event on June 29, Xpeng chairman and CEO He Xiaopeng said the G6 had more than 35,000 pre-sales orders as of June 28 since the pre-sale.
The G6 is expected to become the top-selling smart electric SUV priced at the RMB 250,000 level in China within two months, he said at the time.
In an interview with local media following the G6 launch, Mr. He said the G6's monthly sales target is at least 10,000 units.
CnEVPost's latest look at the Xpeng app shows that the G6's lower-priced Pro versions all currently have an estimated wait time of 10 weeks, while the Max versions all have 12 weeks.
As the electric vehicle industry in China becomes more competitive, quick deliveries are important to capitalize on the initial hype of new models.
Xpeng's local peer Li Auto (NASDAQ: LI) has proven this to be true, with its three models -- the Li L7, Li L8 and Li L9 -- all currently having 2-4 week wait times.
Nio (NYSE: NIO) also learned its lesson when it launched several new models this year, with deliveries of the new ES6 starting the night it was launched on May 24 and the ET5 Touring on June 16, the day after its launch.
Although the G6 is seen as critical to Xpeng, the company's management believes a car company cannot bet its future on just one model.
In the auto industry, carmakers need to think long-term and be systematically competitive, Mr. He said earlier this month.
Investors are clearly bullish on the G6's potential, with Xpeng's US-traded ADRs up about 75 percent cumulatively as of July 5 since the G6 began pre-sales on June 9.
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Xpeng delivers 8,620 vehicles in Jun, Q2 deliveries exceed guidance range
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The Xpeng G6 was launched in China with a 755-km range and a starting price of 29,100 USD. In 72 hours, it attracted up to 11,520 pre-orders.
The post Xpeng G6 received 40 pre-orders per store in first 72 hours after the launch in China appeared first on CarNewsChina.com.
Xpeng's overall sales in the first half of 2023 also saw a sharp decline of 40%. However, the newly released Xpeng G6 orders are hot, and the official website shows that it will take 12 weeks to deliver
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Xpeng's Hong Kong-traded shares rose more than 14 percent to HK$51.80 at press time, giving it a 30 percent gain for the week.
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Xpeng (NYSE: XPEV) officially launched the G6 yesterday, and the company's management clearly has high hopes for the new SUV.
The G6's monthly sales target is at least 10,000 units, Xpeng chairman and CEO He Xiaopeng said in an interview with local media after yesterday's G6 launch, according to a report by Auto Home.
Mr. He disagreed with the idea that Xpeng needs to turn its fortunes around with the G6, saying that a company that bets its future on one car is doing it wrong.
In the auto industry, automakers need long-term thinking and systemic competitiveness, he said.
Xpeng officially launched the G6 yesterday, offering five versions with starting prices of RMB 209,900 ($28,940), RMB 229,900, RMB 234,900, RMB 254,900 and RMB 276,900 respectively.
Of the five options, the three versions in the middle price range will be the best sellers, meaning the G6 will be in the RMB 250,000 range in terms of average sales price, according to Mr. He.
At yesterday's launch, he said the G6 is expected to be the top-selling smart electric SUV in China within two months priced at the RMB 250,000 level.
The Xpeng G6 received more than 25,000 pre-orders within 72 hours of the start of pre-sales on June 9, and more than 35,000 pre-orders as of June 28, said Yi Han, the company's vice president of marketing, repeating Mr. He's remarks at yesterday's launch event.
Forty percent of Xpeng G6 orders came from offline stores and 60 percent from online channels, Yi said.
Mr. He made it clear in yesterday's interview that Xpeng will not launch extended-range electric vehicle (EREV) models similar to Li Auto (NASDAQ: LI).
As an entrepreneur, choices need to be made and trade-offs need to be made, he said.
In a June 15 speech, Mr. He said he could foresee a large number of hybrid models in China in the next two years, especially inside family cars.
"Because everyone sees the success, they will follow. Because they are following, a large number of models will focus on the same place. It's a very interesting thing," he said in the speech.
Xpeng shares traded in Hong Kong continued to rise today, up more than 14 percent to HK$51.80 at press time, giving it a 30 percent gain for the week.
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Xpeng officially launches G6 with starting price of $29,010 to regain past glory
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XPeng G6 is available in single-motor and dual-motor versions, offering three CLTC cruising ranges of 580 km, 700 km, and 755 km.
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Xpeng G6 hit the market, Model 3 will have CATL battery, strange deal for Geely - Belarusian SOE's want's only their cars and GAC wants to hit 500k sales this year
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