XPeng cutting prices by 10% after Tesla’s price drop in China

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Chinese electric car maker Xpeng Inc. has cut prices for most of its vehicles by around 10%, joining other auto makers in lowering prices as competition heats up in the country’s fast-expanding electric-vehicle market.

The company said in a statement on Tuesday that it will slash prices for multiple versions of its P7, P5 and G3i models by 20,000 yuan (US$2,970) to CNY36,000 yuan, representing about a 10% drop from current prices. In particular, the starting price for Xpeng’s XPEV, -1.19% best-selling P7 sedan will be reduced by 12.5%.

The price cuts will take effect from Tuesday afternoon, the company said. Xpeng has kept prices unchanged for its new G9 model.

For car owners who purchased Xpeng automobiles before the price cut, Xpeng said it will extend maintenance services for free as compensation.

Xpeng’s move came after Tesla Inc. TSLA, -0.94% lowered its China selling prices earlier this month. EV makers have been increasingly seeking to fend off rising competition from emerging rivals and traditional car makers’ stepped-up push into the EV industry, where previously soaring sales growth is expected to cool down amid higher market saturation.

Write to Yifan Wang at yifan.wang@wsj.com

This article was originally published by Marketwatch.com. Read the original article here.

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