Tesla Chinese Rival Launches New SUV
A Tesla Chinese rival holds a live launch event Sept. 21 for its new SUV.
Tesla Inc (NASDAQ: TSLA), the industry leader in electric vehicle production and deliveries, is busy producing and selling its Model S and Model 3 sedans, as well as its Model Y and Model X SUVs.
The company is well on its way to producing and delivering over 1 million EVs this year as it already produced 563,987 and delivered 545,884 in the first half of the year. It’s closest competitor was Chinese rival BYD in second place with 323,519 sold in the first half.
Other Chinese rivals of Tesla are not producing or delivering anything close to the industry leader’s numbers. Shanghai-based Nio Inc – ADR (NYSE: NIO) delivered 227,949 EVs in the first seven months of 2022, while Guangzhou, China, EV maker XPeng delivered 90,085 in the first eight months of the year, which was a 96% increase year-over-year. The company is hoping to ramp up that number with the launch of a new product.
New SUV Arrives at Launch Event
XPeng will unveil its fourth production model, the G9 SUV, with a live launch event on Sept. 21 at 7 a.m. Eastern time to be held on its website, Meta Platforms Inc (NASDAQ: META) Facebook and Twitter Inc (NYSE: TWTR).
XPeng asserts that the G9 SUV will be the world’s fastest-charging mass-produced EV using China’s first 800 V mass-production Silicon Carbide, according to a company statement. The vehicle will incorporate the industry’s first full-scenario Advanced Driver Assistance System, and the premium cabin includes Xpeng’s proprietary media system, Xopera, engineered to create an immersive 5D experience.
Xpeng received over 20,000 pre-orders in August in the first 24 hours after reservations opened, the company said. XPeng’s website does not list a retail price for the G9, but several online reports have said that the EV will sell for under $74,000.
The G9 features a semi-autonomous driving system similar to Tesla’s Autopilot feature. The vehicle is expected to be a top competitor to Tesla’s Model Y.
“Our G9 flagship smart SUV represents a new level of sophistication with a global perspective, and is an essential part of our exploration of smarter, safer, greener and sustainable mobility,” CEO He Xiaopeng said in November after the company introduced the G9.
SUV Pricing All Over the Map
XPeng would have to get the price of the G9 a bit lower as the Tesla Model Y Long Range SUV starts at $58,190, while the Model Y Performance is priced at $62,190. Tesla’s Model X SUV is higher end, priced at $112,590, while the Model X Plaid sells for $130,590.
But XPeng does compete well on price with BMW, as its fully electric iX xDrive50 SUV is priced at $84,100.
But none of those SUVs are close to the highest priced SUVs on the world market. The Ferrari Purosangue ranks as the most expensive SUV in the world at $389,000 (390,000 euros). Other luxury, high-end SUVs include the Rolls Royce Cullinan ($330,000), the Lamborghini Urus ($222,004), the Range Rover SVAutobiography Dynamic Black Edition ($211,000), the 2021 Porsche Panamera Turbo S Sport Turismo ($195,000), the Aston Martin DBX ($176,900) and the Bentley Bentayga ($166,425).
So, a Tesla Model X Plaid, Model X, either Model Y or the BMW iX xDrive50 SUX, and yes, the XPeng G9, would be a bargain compared to any of the high-end European six-figure luxury SUVs.
Source: Tesla Chinese Rival Launches New SUV.