Xpeng, a smart electric vehicle (Smart EV) company, is launching a new brand targeting the 100,000-150,000 yuan (about $14,000-$21,000) mass market in mainland China, it said in a press release dated March 19. The new brand, which will offer "the first AI-driven smart car for young people," aims to provide a genuine AI-driven user experience through its products.
Xpeng plans to launch an A-class Smart EV priced between 100,000 to 150,000 yuan, which reportedly accounts for approximately 34% of the market share in China. The company will leverage its leadership in smart driving technology development and cost-control advantages to quickly transfer mainstream intelligent driving functions to lower price points. Xpeng has also announced plans to invest 3.5 billion yuan in research and development, and recruit 4,000 new employees in 2024. It will deploy AI large models on cars in the second quarter of 2024.
This move marks Xpeng's entry into a new stage of multibrand global strategic operation and further acceleration of future mobility.
