Update: In addition to the G6, Xpeng's offers for the G9 and P7i have been extended.
These discounts are a continuation of the February offer, bringing the G6's starting price down to RMB 189,900.
(Image credit: CnEVPost)
Xpeng (NYSE: XPEV) extended discounts on three key models in response to the fierce Chinese electric vehicle (EV) price war.
Xpeng announced today that it is continuing to offer an RMB 20,000 ($2,780) discount on the G6, bringing the model's starting price down to RMB 189,900, effective through March 31.
It's worth noting that the discount is not an adjustment to the G6's official selling price, but rather a continuation of a previous limited-time promotion.
Xpeng officially launched the G6 in China on June 29, 2023, with deliveries beginning in early July.
The SUV was a major player in the company's turnaround of previously weak sales, with a volume of 3,937 units in its first month of delivery, contributing 35.76 percent of Xpeng's 11,008 units delivered in July last year, second only to the P7 sedan.
The G6 has been one of Xpeng's main-selling models in the second half of last year. However, as competition intensified, Xpeng began offering a limited-time discount for the G6 on December 18, when the offer amounted to RMB 10,000, which expired at the end of last year.
Xpeng did not announce a promotion on the G6 in January, but announced on February 4 that it was offering a RMB 20,000 cash discount on the model, provided customers complete their deliveries by the end of February.
The latest promotion announced today means that Xpeng has extended that incentive for another month with the same amount.
The G6 is offered in five variants, with starting prices of RMB 209,900, RMB 229,900, RMB 234,900, RMB 254,900, and RMB 276,900 before the offer.
The model is seen as a rival to Tesla's (NASDAQ: TSLA) Model Y, which is one of the best-selling SUVs in China.
Xpeng delivered 4,545 vehicles in February, down 24.38 percent year-on-year and down 44.91 percent from January, according to data it released on March 1.
Xpeng said deliveries of the X9, which went on sale on January 1, amounted to 1,448 vehicles in February and did not disclose figures for the G6.
In January, Xpeng delivered 8,250 vehicles, with the G6 contributing 1,803, or 21.85 percent, according to data compiled by CnEVPost.
Xpeng's previous discounts for two other models -- the G9 and P7i -- have also been extended.
Its limited-time discounts of up to RMB 10,000 on the 2024 G9 SUV and up to RMB 11,000 on options continue.
Xpeng's limited-time discount of RMB 50,000 for the P7i Wing Edition, offered in January-February, has also been extended.
Notably, Xpeng said the latest starting price for the P7i is RMB 203,900, which is lower than the RMB 209,800 it mentioned in late January.
These entitlements are valid until the end of March.
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($1 = RMB 7.1968)
