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Chinese EV maker Xpeng joins Tesla, Seres to cut some models' prices

SHANGHAI/BEIJING (Reuters) -Chinese automaker Xpeng (NYSE:XPEV) on Tuesday announced price cuts for some models in the country in a notice on its official WeChat account,...
Chinese EV maker Xpeng joins Tesla, Seres to cut some models' prices © Reuters. People walk past an Xpeng booth during a media day for the Auto Shanghai show in Shanghai, China April 19, 2021. REUTERS/Aly Song/Files
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SHANGHAI/BEIJING (Reuters) -Chinese automaker Xpeng (NYSE:XPEV) on Tuesday announced price cuts for some models in the country in a notice on its official WeChat account, following similar moves by Tesla (NASDAQ:TSLA) and Seres and fuelling expectations of a wider price war.

Xpeng lowered the starting prices for its best-selling pure electric P7 sedan to 209,900 yuan ($31,015), according to the notice, 12.5% lower from its previous level. The automaker also slashed prices for all versions of P5 sedan and G3i sports-utility vehicles by between 10% and 13%, according to Reuters calculations based on the prices.

"We hope to make intelligent vehicles more accessible to more people with more competitive prices," Xpeng spokesperson told Reuters in a statement after the price cut.

For car owners who purchased their automobiles before the price cut, Xpeng said it will offer extended maintenance services for free as compensation.

($1 = 6.7678 yuan)

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    EUR/USD 1.0758 Sell  
    GBP/USD 1.2226 ↑ Buy  
    USD/JPY 130.57 ↑ Sell  
    AUD/USD 0.6641 ↑ Sell  
    USD/CAD 1.3756 Sell  
    EUR/JPY 140.47 Sell  
    EUR/CHF 0.9873 ↑ Sell  
    Gold 1,992.65 ↑ Buy  
    Silver 23.383 Buy  
    Copper 4.0745 Sell  
    Crude Oil WTI 68.73 ↑ Sell  
    Brent Oil 74.54 ↑ Sell  
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    US Coffee C 178.93 Buy  
    Euro Stoxx 50 4,122.85 ↑ Sell  
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    FTSE 100 7,397.13 ↑ Sell  
    Hang Seng 19,915.68 Sell  
    Small Cap 2000 1,726.10 Sell  
    IBEX 35 8,785.85 ↑ Sell  
    BASF 45.740 Sell  
    Bayer 55.53 Buy  
    Allianz 204.48 ↑ Buy  
    Adidas 140.64 Neutral  
    Lufthansa 9.364 Sell  
    Siemens AG 140.00 Neutral  
    Deutsche Bank AG 8.515 Sell  
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