Xpeng, a prominent Chinese electric vehicle manufacturer, has unveiled plans to launch a more affordable brand, marking its entry into a fiercely competitive market segment amidst escalating price wars in the EV industry. At an industry event in Beijing, Xpeng Chairman and CEO He Xiaopeng disclosed that the upcoming models under this brand will be priced between 100,000 yuan and 150,000 yuan ($14,000-$21,000), targeting a price range significantly lower than premium EV manufacturers. This strategic move comes amidst heightened competition in China’s EV market, spurred by aggressive price reductions led by market leaders like BYD. Xpeng aims to introduce a range of models under this new brand, emphasizing varying levels of intelligent driving capabilities. The company’s vision is to pioneer the development of AI-assisted driving cars tailored for the younger demographic. Despite a slight slowdown in the sales of battery-powered EVs in China, Xpeng’s innovative approach seeks to tap into evolving consumer preferences and drive growth in the dynamic EV landscape.