XPeng to Adjust Configuration, Price, and Rights of Some Models
Guangzhou-based auto firm XPeng Motors announced on Friday that it will adjust the configuration, price and rights of some models from May 9, in order to popularize Advanced Driving Assistance System (ADAS) vehicles to more users, and taking into account the influence of the ongoing pandemic and supply chain issues.
According to the announcement, five new models have been added this time. The XPeng P5 will add a 460P model priced between 177,900 yuan and 249,900 yuan ($26,686 – $37,486) after subsidies. Four new models, 480G+/480E+/586G/625E, will be added to the P7 series, priced between 239,900 yuan and 429,900 yuan after subsidies.
From May 9, when ordering the E/E+/P model of P5 and the E/E+ model of P7, the corresponding ADAS software and upgrade service will be adjusted as standard. For new users purchasing G3i, P5 and P7, lifetime free charging service, free home charging piles and installation rights will no longer be provided.
In addition, some assisted driving functions of P7 E/E+ models will adopt self-developing schemes and be opened to users through OTA after this adjustment.
In the Chinese new energy vehicle market, leading brands all have clear affiliations: NIO‘s service, Li Auto‘s domesticity and Xpeng‘s intelligence. It is also necessary for XPeng Motors to increase revenue and reduce expenditure, besides strengthening its “intelligence” label.
SEE ALSO: Chinese EV Maker XPeng Addresses P7 Power-off Problem
The firm’s financial report shows that all indicators of XPeng Motors have greatly improved in 2021. Among them, corporate revenue reached 20.99 billion yuan, a year-on-year increase of 200%. The company’s marketing expenses and R&D investments reached 5.31 billion yuan and 4.11 billion yuan respectively, up 81.7% and 138.4% year-on-year. Finally, the net loss of the company, however, has reached 4.86 billion yuan, an increase of 78% year-on-year, higher than NIO‘s 4.02 billion yuan and Li Auto‘s 320 million yuan.