XPeng unveils G6 electric SUV to rival Tesla Model Y

XPeng has officially launched its much-awaited G6 SUV in China, with pricing set to undercut the Tesla Model Y. Boasting over 100 advanced features and fast-charging support, XPeng G6 aims to become a true best-sellerin the new-energy SUV market.

The auto manufacturer has priced the model significantly lower than the pre-sale estimate in an attempt to return to growth and boost its market share.

The G6 positions itself against the Tesla Model Y, offering five unique variants, which include two Pro models and three Max models. The pricing structure for these versions starts at RMB 209,900 ($29,000), with the other models priced at RMB 229,900 ($31,600), RMB 234,900 ($32,300), RMB 254,900 ($35,000) and RMB 276,900 ($38,100) respectively.

Interestingly, the base price is RMB 15,100 ($2,000) less than the pre-sale price of RMB 225,000, announced by XPeng on June 9. The G6's dimensions are remarkably similar to those of the Tesla Model Y, essentially mirroring its length, width, height, and wheelbase.

As of now, Tesla offers three variants of the Model Y in China, priced at RMB 263,900 ($36,300), RMB 313,900 ($43,200), and RMB 363,900 ($50,000) respectively. In May, the Model Y sold 31,054 units in China, claiming the title of the country's best-selling SUV, as reported by the China Passenger Car Association (CPCA).

XPeng commenced the pre-sales of the G6 on June 9 and later declared that the model had garnered over 25,000 orders within 72 hours. XPeng's chairman and CEO, He Xiaopeng, announced at the launch event that the G6 had secured more than 35,000 pre-sale orders from June 9 to June 28. He confidently predicted that the G6 would become the top-selling electric SUV priced at the RMB 250,000 level in China within two months.

It is noteworthy that Chinese consumers have a general preference for larger SUVs. This preference led electric vehicle startups like XPeng, Nio, and Li Auto (NASDAQ: LI) to first launch SUV models. Tesla's Model Y also gained rapid popularity in China once its production started at the Shanghai plant in 2021.

Based on the brand new SEPA 2.0 800V platform, the XPeng G6 hosts over 100 advanced features, including a 3C battery supporting ultra-fast charging, and XPeng's signature driver assistance software, XNGP. The model is available in both single-motor rear-wheel drive and dual-motor four-wheel drive versions, with two range options - 360 miles and 469 miles for the single-motor versions, and a CLTC range of 435 miles for the dual-motor version.

The XPeng G6 can charge from 0 to 80 percent in as short as 20 minutes, with energy consumption as low as 13.2 kWh per 62 miles. It uses battery cells from CATL's local competitor CALB and battery packs manufactured by XPeng's factory in Wuhan, Hubei.

On the performance front, the base model G6 can accelerate from 0 to 62 mph in 6.6 seconds, while the top-tier 4WD version does it in 3.9 seconds.

On June 15, XPeng declared that the urban part of the XNGP system, City NGP (Navigation Guided Pilot), was operational in Beijing after Guangzhou, Shenzhen, and Shanghai. XPeng plans to expand XNGP to 50 additional Chinese cities in H2 2023, with the ambition to reach 200 cities by next year.

The G6, which conforms to Chinese and European five-star safety standards, is already on display and available for test drives in XPeng showrooms across China. The vehicle will start delivering in July, with European deliveries scheduled for next year.

The introduction of the G6 is expected to be a turning point for XPeng in reviving sales which dwindled to 5,218 units in January and have only rebounded to slightly over 7,000 units in the past three months.

The G6 is anticipated to be a major player in China's new-energy SUV market in the RMB 200,000 to 300,000 price range. XPeng expects this to significantly augment their total deliveries and outperform the industry's pace in the third quarter. During a May 24 analyst call following the first-quarter earnings announcement, the XPeng management projected monthly sales of the G6 to reach 6,000-8,000 units, according to a research note by Deutsche Bank analyst Edison Yu's team dated May 30.

Via