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

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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)