Tesla Chinese Rival launches new SUV

Tesla Chinese Rival launches new SUV

Tesla (TSLA) Ltd., the leading manufacturer and delivery of electric vehicles, is engaged in the production and sale of Model S and Model 3 sedans, as well as Model Y and Model X SUVs.

The company is on track to produce and deliver more than one million electric vehicles this year having already produced 563,987 and delivered 545,884 in the first half of the year. Its closest competitor was Chinese rival BYD in second place with 323,519 sales in the first half.

Tesla’s other Chinese competitors don’t produce or offer anything close to the industry leader’s numbers. Shanghai-based Niu (NIO) It delivered 227,949 electric vehicles in the first seven months of 2022, while Chinese electric vehicle maker XPeng delivered 90,085 electric vehicles in the first eight months of the year, representing a 96% increase year-over-year. The company hopes to increase this number with the launch of a new product.

New SUVs arrive at the launch event

XPeng will reveal its fourth production model, the G9 SUV, with a live launch event on September 21 at 7 a.m. ET on its website, Meta Platform’s (dead) Facebook and Twitter (TWTR) .

XPeng asserts that the G9 SUV will be the world’s fastest mass-produced electric vehicle using the first 800-volt silicon carbide for mass production in China, according to a company statement. The vehicle will integrate the industry’s first advanced full-scenario driver assistance system, and the premium cabin includes Xpeng’s Xopera media system, designed to create an immersive 5D experience.

The company said Xpeng received more than 20,000 pre-orders in August in the first 24 hours after opening reservations. XPeng’s website doesn’t list the G9’s retail price, but several online reports have said the EV will sell for less than $74,000.

The G9 features a semi-autonomous driving system similar to Tesla’s autopilot feature. The car is expected to be a major competitor to Tesla’s Model Y.

“Our groundbreaking G9 smart SUV represents a new level of sophistication from a global perspective, and is an essential part of our exploration of smarter, safer and more sustainable mobility,” CEO He Xiaopeng said in November after the company introduced the G9.

SUV pricing all over the map

XPeng will have to get a slightly lower price for the G9 as the Tesla Model Y Long Range SUV starts at $58,190, while the Model Y Performance starts at $62,190. The Tesla Model X SUV is the highest priced, at $112,590, while the Model X Plaid is $130,590.

But XPeng competes well in price with BMW, with the all-electric iX xDrive50 SUV priced at $84,100.

But none of these SUVs are close to the most expensive SUVs in the world market. Ferrari Purosangue ranks as the most expensive SUV in the world with a price tag of $389,000 (€390,000). Other luxury and high-end SUVs include Rolls-Royce Cullinan ($330,000), Lamborghini Urus ($222,004), Range Rover SV Autobiography Dynamic Black Edition ($211,000), 2021 Porsche Panamera Turbo S Sport Turismo ($195,000), Aston Martin DBX ($176,900) and Bentley Bentayga ($166,425).

So, a Tesla Model X Plaid, or Model X, whether Model Y or BMW iX xDrive50 SUX, and yes, the XPeng G9, would be a bargain compared to any of Europe’s six-figure luxury SUVs.

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