In a recent exclusive interview with CNBC, Brian Gu, Vice Chairman and Co-President of Xpeng, revealed the company’s optimism about its newly launched X9 electric vehicle, positioning it as a potential “game changer” in the competitive EV market.
X9 Overview: Launched on January 1, the X9, a spacious 7-seater EV, is built on Xpeng’s cutting-edge SEPA2.0 architecture, tailored specifically for the Chinese market. Priced between 359,800 yuan to 419,800 yuan, the X9 series promises immediate deliveries.
Game-Changing Features: Gu emphasized the X9’s potential dominance in the battery electric vehicles segment, particularly for multi-purpose vehicles (MPVs). He cited the vehicle’s innovative technology, superior handling, and industry-leading smart driving features as key factors that could make it a top seller in its category.
Strategic Plans: Xpeng, amid fierce competition from domestic players like Nio, Huawei, and Zeekr, outlined ambitious plans for the future. The company aims to deploy driver-assist technology in China by the end of the previous year and in Europe by the end of 2024.
Beyond Vehicles: Expanding beyond traditional vehicles, Xpeng entered into a cooperation framework agreement with Guangdong Huitian to explore flying vehicles. The collaboration involves Xpeng providing research and development, technology consulting, and sales agent services.
Market Outlook and Challenges: Gu anticipates significant growth in 2024, outpacing industry averages. Despite missing their 2023 delivery targets, Xpeng remains confident in capturing a larger market share with a focus on increased profitability through scale and a diversified product mix.
Analyst Perspective: However, competition remains intense in the Chinese EV market, with Xpeng facing challenges from players like BYD, Li Auto, and Geely. Analysts, such as Vincent Sun from Morningstar, highlight the importance of Xpeng maintaining delivery momentum and improving profitability in a challenging pricing environment for 2024.
