The CEO of Chinese electric vehicle (EV) manufacturer Xpeng has told employees the company will unveil around 30 new and updated EV models over the next three years, bridging the price band between $A20,000 and $85,000 vehicles in China.
Xpeng, which was founded in 2014, is looking to make a big splash in the Chinese EV market. It already boasts a range of EVs, including the P7 and P5 sedans, the G3i and G9 SUVs, as well as the recently announced X9 multi-purpose vehicle and G6 SUV – which began production soon after it was first unveiled.
However, according to an internal letter from Xpeng chairman and CEO He Xiaopeng, obtained by CnEVPost, Xpeng is looking to dramatically expand its lineup of EVs over the next three years in an effort to survive what he called the “sea of blood” – the intensification of competition between Chinese EV brands.
However, according to an internal letter from Xpeng chairman and CEO He Xiaopeng, obtained by CnEVPost, Xpeng is looking to dramatically expand its lineup of EVs over the next three years in an effort to survive what he called the “sea of blood” – the intensification of competition between Chinese EV brands.
“Xpeng has accumulated considerable experience by fighting in a sea of blood and fierce competition from the very beginning, and I believe perseverance will lead to victory,” said He Xiaopeng.
The first new models to be launched will be based on platforms targeting prices over RMB 300,000 (around $A64,000, converted) and in the RMB 150,000 class (around $A32,000, converted).
In the case of Xpeng’s efforts in the RMB 150,000 class will be an A-class vehicle under the ‘MONA’ brand, stemming from the company’s acquisition in 2023 of Chinese ride-hailing giant Didi’s EV development business.
He Xiaopeng reportedly told employees that Xpeng will utilise the company’s Fuyao architecture – which debuted in the G6 – including its full-scene intelligent assisted driving technology XNGP and X-EEA3.0 electronic electrical architecture technologies in the development of a MONA EV.
Meanwhile, Xpeng’s plans for an EV in the RMB 300,000+ market is apparently codenamed F57 and is set to be launched in the second half of 2024.
In addition to new models, Xpeng will also look to hire around 4,000 new employees while also increasing the company’s research and development budget by more than 40% year-on-year in an effort to “fight for tomorrow”.
Xpeng is also planning to invest in 2024 RMB 3.5 billion in research and development of artificial intelligence technology focused on smart driving.
“No matter how challenging and how much investment is needed, we have to make Xpeng’s brand and marketing one of the undisputed first-tier players in the industry in as short a period of time as possible,” said He Xiaopeng.
Joshua S. Hill is a Melbourne-based journalist who has been writing about climate change, clean technology, and electric vehicles for over 15 years. He has been reporting on electric vehicles and clean technologies for Renew Economy and The Driven since 2012. His preferred mode of transport is his feet.