Xpeng G6 pre-sales started in China. It has up to 460 hp, 755 km of CLTC range and a starting price of 31,600 USD. Is it enough to beat Tesla?
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The G6's pre-sale starting price is RMB 38,900 lower than the Tesla Model Y and RMB 84,900 lower than XPeng's flagship SUV, the G9.
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XPeng (NYSE: XPEV) has begun pre-sales of its highly anticipated new SUV, the G6, at a price significantly lower than the rival Tesla Model Y.
Pre-sales for the G6 start at RMB 225,000 ($31,610), XPeng announced today on Weibo.
For comparison, the model's direct competitor, the Tesla Model Y, is currently offered in China in three versions starting at RMB 263,900, RMB 313,900, and RMB 363,900 respectively.
This means that the XPeng G6 starts at RMB 38,900 less than the Model Y. The G6 is also RMB 84,900 less than the XPeng flagship SUV, the G9, which starts at RMB 309,900.
It is important to note that the pre-sale price is not the final price and XPeng may offer new pricing based on consumer feedback when the G6 is officially launched.
Consumers who pay RMB 2,000 to reserve the XPeng G6 now will receive an RMB 5,000 discount when they pay for the car.
The XPeng G6 will be officially launched in June, with volume deliveries starting in July, and production capacity will climb rapidly, its management said in a May 24 analyst call after announcing first-quarter earnings.
The G6 will be a hot seller in China's new energy SUV market priced in the RMB 200,000 to 300,000 range, and will enable XPeng's total deliveries to grow well above the industry's pace in the third quarter, the company said.
The G6 has been set aside about two months from the start of production to delivery, and XPeng expects the model to reach more than double the sales of the P7i, its management said.
That means XPeng management expects monthly sales of the G6 to reach 6,000-8,000 units, Deutsche Bank analyst Edison Yu's team said in a research note sent to investors on May 30.
XPeng will likely price the G6 significantly lower than the Model Y, hoping to attract consumers with a sleeker design and updated interior, the team said, adding that the Zeekr X is already taking that approach with a starting price of just RMB 190,000.
XPeng unveiled an architecture called SEPA (Smart Electric Platform Architecture) 2.0 at a technology conference in Shanghai on April 16, saying the G6 will be the first model built on it.
On April 18, XPeng officially unveiled the G6 on the first day of the Shanghai auto show, saying that the G6 is the ultimate form of car before fully autonomous driving is achieved.
The model is based on the 800 V high-voltage platform and can get a 300-kilometer range in as little as 10 minutes on a charge, XPeng said at the time. The company's other 800 V-based model is the G9.
XPeng cites the Tesla Model Y as its main competitor to the G6. The vehicle is positioned as an all-electric midsize SUV with a length, width and height of 4,753 mm, 1,920 mm and 1,650 mm, respectively, and a wheelbase of 2,890 mm, a regulatory filing in March showed.
For comparison, the Tesla Model Y has a length, width and height of 4,750 mm, 1,921 mm and 1,624 mm and a wheelbase of 2,890 mm.
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The G6's pre-sale starting price is RMB 38,900 lower than the Tesla Model Y and RMB 84,900 lower than XPeng's flagship SUV, the G9.
(Image credit: CnEVPost)
XPeng (NYSE: XPEV) has begun pre-sales of its highly anticipated new SUV, the G6, at a price significantly lower than the rival Tesla Model Y.
Pre-sales for the G6 start at RMB 225,000 ($31,610), XPeng announced today on Weibo.
For comparison, the model's direct competitor, the Tesla Model Y, is currently offered in China in three versions starting at RMB 263,900, RMB 313,900, and RMB 363,900 respectively.
This means that the XPeng G6 starts at RMB 38,900 less than the Model Y. The G6 is also RMB 84,900 less than the XPeng flagship SUV, the G9, which starts at RMB 309,900.
It is important to note that the pre-sale price is not the final price and XPeng may offer new pricing based on consumer feedback when the G6 is officially launched.
Consumers who pay RMB 2,000 to reserve the XPeng G6 now will receive an RMB 5,000 discount when they pay for the car.
The XPeng G6 will be officially launched in June, with volume deliveries starting in July, and production capacity will climb rapidly, its management said in a May 24 analyst call after announcing first-quarter earnings.
The G6 will be a hot seller in China's new energy SUV market priced in the RMB 200,000 to 300,000 range, and will enable XPeng's total deliveries to grow well above the industry's pace in the third quarter, the company said.
The G6 has been set aside about two months from the start of production to delivery, and XPeng expects the model to reach more than double the sales of the P7i, its management said.
That means XPeng management expects monthly sales of the G6 to reach 6,000-8,000 units, Deutsche Bank analyst Edison Yu's team said in a research note sent to investors on May 30.
XPeng will likely price the G6 significantly lower than the Model Y, hoping to attract consumers with a sleeker design and updated interior, the team said, adding that the Zeekr X is already taking that approach with a starting price of just RMB 190,000.
XPeng unveiled an architecture called SEPA (Smart Electric Platform Architecture) 2.0 at a technology conference in Shanghai on April 16, saying the G6 will be the first model built on it.
On April 18, XPeng officially unveiled the G6 on the first day of the Shanghai auto show, saying that the G6 is the ultimate form of car before fully autonomous driving is achieved.
The model is based on the 800 V high-voltage platform and can get a 300-kilometer range in as little as 10 minutes on a charge, XPeng said at the time. The company's other 800 V-based model is the G9.
XPeng cites the Tesla Model Y as its main competitor to the G6. The vehicle is positioned as an all-electric midsize SUV with a length, width and height of 4,753 mm, 1,920 mm and 1,650 mm, respectively, and a wheelbase of 2,890 mm, a regulatory filing in March showed.
For comparison, the Tesla Model Y has a length, width and height of 4,750 mm, 1,921 mm and 1,624 mm and a wheelbase of 2,890 mm.
($1 = RMB 7.1187)
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NIO launched the new ES6 on May 24, though the model is likely still in the process of climbing capacity and not contributing much to sales.
Li Auto (NASDAQ: LI) kept sales strong last week, while its two local peers, NIO (NYSE: NIO) and XPeng (NYSE: XPEV), remained weak.
With 6,600 units sold in the week of May 29 to June 4, Li Auto continues to lead the pack among China's new car-making brands, the company said today on Weibo.
That's far more than other new car brands and more than the second and third places combined, Li Auto said.
Li Auto has delivered more than 20,000 units for three consecutive months, and this month the company will aim to reach its 30,000-unit monthly sales target, it added.
Li Auto didn't explain what the weekly sales are based on, but apparently, they are insurance registrations. The company had suspended sharing those numbers in May, but has now resumed sharing them.
All of Li Auto's models currently on sale are extended-range electric vehicles (EREVs), essentially plug-in hybrids that are targeting a broader market, including the five-seat Li L7 and the six-seat Li L9 and Li L8.
NIO and XPeng, on the other hand, offer only purely electric models and face a growing but much smaller market space.
NIO sold 1,700 units last week, according to figures shared by Li Auto. This is slightly higher than the previous week's 1,600 units.
Last week included the last three days of May and the first four days of June. The insurance data represents the number of vehicles registered in China.
NIO launched the new ES6 on May 24, although the model is likely still in the process of climbing capacity and thus still not contributing much to sales.
The electric vehicle (EV) maker delivered 6,155 vehicles in May, down 7.55 percent from April and down 12.37 percent year-on-year, according to data released on June 1.
NIO will finish climbing capacity for the new ES6 in June to deliver vehicles as early as possible, Jim Wei, the company's senior vice president of user operations, said in announcing May delivery figures on the NIO App on June 1.
In a research note sent to investors yesterday, Morgan Stanley analyst Tim Hsiao's team said that NIO's overall new order intake hit a year-to-date high thanks to the launch of the new ES6.
Tesla (NASDAQ: TSLA) sold 14,500 units last week, up from 12,800 the week before, according to figures shared by Li Auto.
Tesla sold 77,695 China-made vehicles in May, including those exported, data released yesterday by the China Passenger Car Association (CPCA) showed.
This was up 2.44 percent from 75,842 vehicles in April and up 141.55 percent from 32,165 vehicles in the same month last year.
XPeng (NYSE: XPEV) sold 2,100 units last week, unchanged from the previous week.
The company delivered 7,506 vehicles in May, down 25.87 percent year-on-year, but up 6.03 percent from April.
XPeng will begin pre-sales of the G6, the new SUV designed to compete with Tesla's Model Y, on June 9.
Zeekr sold 2,100 units last week, up from 1,900 units the week before.
The company delivered 8,678 vehicles in May, up 100.42 percent from 4,330 in the same month last year and up 7.12 percent from 8,101 in April.
This is the fourth consecutive increase in monthly deliveries for Zeekr, which will begin deliveries of its third model, the Zeekr X, later this month.
Leapmotor sales were 3,400 units last week, down from 3,600 the week before. Neta was 2,900 units last week, up from 2,100 the week before.
https://cnevdata.com/2023/06/06/china-nev-weekly-insurance-registrations-0606/
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XPeng delivered 7,506 vehicles in May, up 6.03 percent from April but down 25.87 percent year-on-year.
XPeng guided for second-quarter deliveries of 21,000 to 22,000 units when it reported first-quarter earnings on May 24.
The company will begin pre-sales of the G6 SUV, which is aim at competing with Tesla's (NASDAQ: TSLA) Model Y, on June 9.
The XPeng G6 will go on sale in June, with volume deliveries starting in July, and production capacity will climb quickly, the company's management said in a call with analysts after announcing first-quarter earnings.
The G6 will be a hot seller in China's new energy SUV market priced between 200,000 yuan ($28,150) and 300,000 yuan, and will enable XPeng's total deliveries to grow well above the industry's pace in the third quarter, the company said.
Below is its press release, as the CnEVPost article is being updated.
XPeng Inc. (“XPENG” or the “Company,” NYSE: XPEV and HKEX: 9868), a leading Chinese smart electric vehicle (“Smart EV”) company, today announced its vehicle delivery results for May 2023.
In May 2023, XPENG delivered 7,506 Smart EVs. The delivery volume of the P7i has experienced a substantial increase compared to the previous month. The Company will further accelerate deliveries of the P7i in June, with the goal of rapidly bringing customers this popular new model that features outstanding style and design aesthetics and distinguishing smart features.
Presale for the G6 Ultra Smart Coupe SUV begins on June 9, with display vehicles available at our stores.
In May, XPENG invited the media to test drive the G6. Feedback from media on the G6 highlights that the new model has distinct advantages over other EV models in terms of its ADAS capabilities and its 800V platform for fast charging. The Company anticipates the G6 will emerge as one of the most popular, bestselling models in China's NEV SUV market segment with the RMB200,000 to RMB300,000 price range.
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The G6 needs to be successful for XPeng to be truly relevant to the market again, Deutsche Bank analyst Edison Yu's team said earlier this week.
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XPeng (NYSE: XPEV) will start pre-sales of the G6, a new SUV aimed at competing with Tesla's (NASDAQ: TSLA) Model Y, in a week's time.
Pre-sales for the XPeng G6 will begin on June 9, the Chinese electric vehicle (EV) maker announced today on Weibo, without giving any further details.
XPeng had previously pre-sold the P5 sedan. As per previous practice, it is expected to announce the G6's pre-sale price next week and the SUV's official price at the end of June.
The XPeng G6 will officially launch in June, with volume deliveries starting in July, and production capacity will climb rapidly, the company's management said in a May 24 analyst call after announcing first-quarter earnings.
The G6 will be a hot seller in China's new energy SUV market priced between 200,000 yuan ($28,150) and 300,000 yuan, and will enable XPeng's total deliveries to grow well above the industry's pace in the third quarter, the company said.
With about two months set aside for the G6 from the start of production to delivery, XPeng expects the model to reach more than double the sales of the P7i, its management said.
"With margins and cash burn looking materially worse following 1Q earnings, we believe management may be making its last stand with the G6," said Deutsche Bank analyst Edison Yu's team in a research note sent to investors on May 30.
Yu's team believes that XPeng management's words on the call indicate that the EV maker expects to sell 6,000-8,000 units of the G6 per month.
The G6 needs to be successful for XPeng to be truly relevant to the market again, Yu's team said.
XPeng unveiled a new architecture called SEPA (Smart Electric Platform Architecture) 2.0 at a technical conference in Shanghai on April 16, saying the G6 would be the first model built on the architecture.
On April 18, XPeng officially unveiled the G6 on the first day of the Shanghai auto show, saying that the G6 is the ultimate form of car before full self-driving is achieved.
The model is based on the 800 V high-voltage platform and can get a 300-kilometer range in as little as 10 minutes on a charge, XPeng said at the time. The company's other 800 V-based model is the flagship G9 SUV.
XPeng cited the Tesla Model Y as its main competitor to the G6 and hopes to attract consumers with its sleeker design and updated interior.
The vehicle is positioned as an all-electric midsize SUV with a length, width and height of 4,753 mm, 1,920 mm and 1,650 mm, respectively, and a wheelbase of 2,890 mm, a regulatory filing in March showed.
For comparison, the Tesla Model Y has a length, width and height of 4,750 mm, 1,921 mm and 1,624 mm, respectively, and a wheelbase of 2,890 mm.
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Former XPeng Internet center vice general manager Liu Fanfan has joined NIO as head of the navigation and location services division, according to local media.
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NIO (NYSE: NIO) appears to be attracting a lot of XPeng (NYSE: XPEV) talent, and the trend continues.
Liu Fanfan, formerly vice general manager of XPeng's Internet center, has joined NIO as head of its navigation and location services division, local media outlet LatePost reported today.
Liu reports to Zhang Lei, NIO's vice president of digital cockpit and software development, and is also the head of smart cockpit delivery for NIO's NT 3.0 platform models, according to the report.
NIO is phasing out the NT 1.0 platform and transitioning its models to the NT 2.0 platform. The company's sub-brand models, which it plans to begin delivering next year, will be based on the next-generation NT 3.0 platform, according to the previously announced information.
Liu, who has worked for in-car navigation provider Telenav for more than 10 years, joined XPeng in March 2018 and was responsible for the map navigation, in-car systems and app ecosystem business at the Internet center.
During his time at the company, XPeng Internet center developed the in-car system Xmart OS, which debuted on the XPeng G3 in late 2018.
Xmart OS was upgraded to version 2.1.0 in October 2020, and introduced a full-scene voice interaction feature that allows control of 90 percent of XPeng's in-house developed applications by voice, the report noted.
XPeng's team expanded rapidly after its Hong Kong listing in June 2021, growing to nearly 14,000 people by the end of 2021, more than twice the size of the team at the end of 2020.
However, XPeng's team has undergone significant restructuring in 2022, with many of its mid-level R&D staff and executives leaving to join NIO between last year and this year, the LatePost report noted.
Last April, Harry Wong, formerly XPeng's director of self-driving products, officially joined NIO to take charge of the self-driving experience.
On September 6 last year, local automotive website Xchuxing reported that the former XPeng's head of voice recognition, Zhao Hengyi, had left in March and he would join NIO.
LatePost reported today that Zhao joined NIO ahead of Liu and is responsible for businesses including virtual voice assistant Nomi, reporting to Ted Li, NIO's head of product experience.
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With margins and cash burn looking worse following first-quarter earnings, XPeng management may be making its last stand with the G6, Deutsche Bank said. | XPeng US | XPeng HK
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XPeng (NYSE: XPEV) is expected to officially launch its new SUV, the G6, late next month, which analysts say will be crucial as the company continues to face weak sales and financial performance.
"With margins and cash burn looking materially worse following 1Q earnings, we believe management may be making its last stand with the G6," Deutsche Bank analyst Edison Yu's team said in a research note sent to investors yesterday.
The team's previous view assumed XPeng could see stable natural margin improvement from the sharp drop in battery input prices, but those savings were mostly offset by incremental promotional activity and a poor mix.
" Therefore, the importance of the upcoming G6 has become even GREATER," the team wrote.
XPeng reported weaker-than-expected first-quarter earnings on May 24, with gross margins plunging to 1.7 percent. As a comparison, that figure was 12.2 percent and 8.7 percent in the same quarter last year and the fourth quarter of 2022, respectively.
The company reported a negative 2.5 percent vehicle margin in the first quarter, compared to 10.4 percent in the same period in 2022 and 5.7 percent in the fourth quarter of 2022.
The decline was due to increased sales promotions and the expiration of the new energy vehicle (NEV) subsidy in China, XPeng said.
XPeng's new SUV, the G6, will officially launch in June, with volume deliveries starting in July, and production capacity will climb quickly, its management said in a May 24 analyst call after announcing first-quarter earnings.
The G6 will be a hot seller in China's new energy SUV market priced between 200,000 yuan ($28,200) and 300,000 yuan, and will enable XPeng's total deliveries to grow well above the industry's pace in the third quarter, the company said.
The G6 has been set aside about two months from the start of production to delivery, and XPeng expects the model to reach more than twice the sales of the P7i, its management said.
That means, according to Yu's team, that XPeng management expects the G6 to sell 6,000-8,000 units a month.
The G6 needs to be successful for XPeng to be truly relevant to the market again, the team said.
XPeng will likely price the G6 significantly lower than the Model Y (RMB 263,900), hoping to attract consumers with a sleeker design and updated interior, the team said, adding that the Zeekr X is already taking this approach with a starting price of just RMB 190,000.
A leaked image on Chinese social media on May 22 showed XPeng seeing the first production vehicle of the G6 roll off the line.
XPeng expects second-quarter vehicle deliveries to be between 21,000 and 22,000, and given that it delivered 7,079 vehicles in April, the guidance means the company expects it will deliver a total of 13,921 to 14,921 vehicles in May and June.
Yu's team also noted that XPeng's cash burn trajectory was worse than expected.
"XPeng exited 1Q23 with <25bn RMB in net cash as A/P became a big drag on working capital. This was caused by poor sales performance and also suggests to us suppliers are becoming less accommodative," the team wrote.
After months of lackluster G9 demand, XPeng management may be under pressure from suppliers to be more conservative with its outlook, the team said.
That said, XPeng's operating expenses and capex discipline are still very much intact and should at least get the company through most of next year, Yu's team said.
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XPeng Q1 earnings miss expectations, gross margin falls to 1.7%
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NIO's cumulative sales so far this month were around 5,300 units, with the company launching and starting deliveries of the new ES6 on May 24.
For the week of May 22 to May 28, Li Auto (NASDAQ: LI) sold 7,100 vehicles, continuing to lead among China's new car brands, the company said today on Weibo.
Li Auto didn't explain what that sales volume was based on, but apparently, they were insurance registrations. The company had suspended sharing those numbers earlier this month, but has now resumed sharing them.
Last week's numbers mean that Li Auto sold 25,413 vehicles from May 1 to May 28. In the first three weeks of May, Li Auto's numbers were 4,543, 6,670 and 7,100 vehicles.
Li Auto is currently untroubled by the product switch, and its founder, chairman and CEO Li Xiang said on Weibo on May 24 that the company's five-seat SUV, Li L7, is expected to reach 20,000 monthly sales in October.
All of Li Auto's models currently on sale are extended-range electric vehicles (EREVs), with the other two models being the six-seat Li L9 and Li L8.
NIO (NYSE: NIO) sold 1,600 units last week, according to figures shared by Li Auto.
This means that NIO's cumulative sales for the month through last week were about 5,300 units. NIO's numbers for the first three weeks of May were 1,100, 1,200 and 1,400 units, respectively.
NIO officially launched the new ES6 on May 24, after the wait for the model by potential consumers seemed to have been holding down its sales.
Deliveries of the new ES6 began on the evening of May 24, although the vehicles were produced by NIO in advance rather than customized by consumers to their liking.
NIO began production of the new ES6 based on designer-recommended configuration combinations, and if consumers purchase these vehicles, official deliveries will begin on May 25, according to a May 24 post on the NIO App.
Consumers who wish to customize the vehicles can lock in their orders in the NIO App, and deliveries will begin in mid-June.
XPeng (NYSE: XPEV) vehicles sold 2,100 units last week, up from 1,500 units the week before. The numbers were 870 and 1,500 in the first two weeks of May, respectively.
Since May 1, XPeng vehicles have sold 5,970 units this month.
Tesla (NASDAQ: TSLA) sold 12,800 units in China last week, up from 10,200 the week before, according to figures shared by Li Auto.
That figure for Tesla was 5,928 and 9,990 in the first two weeks of May and 38,918 cumulatively so far this month.
Zeekr was at 1,900 last week, down from 2,000 the week before and up from 1,500 in the second week of May. Its numbers for the first week of May are not available.
Neta sold 2,100 units last week, up from 1,500 the week before. That figure was 1,000 and 1,700 units in the first two weeks of May, for a cumulative total of 6,300 units so far this month.
Leapmotor sold 3,600 units last week, up from 3,000 the week before. That figure was 2,200 and 2,500 units in the first two weeks of May, and 11,300 units so far this month.
China NEV insurance registrations for week ending May 21: Li Auto 7,100, XPeng 1,500, NIO 1,400
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The Xpeng X9 MPV is confirmed in China, becoming the first vehicle in the X-series.
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