- Xpeng G7 will officially hit the market on July 3, with pre-sales started on June 11 at a price of RMB 235,800 ($32,880).
- The G7's launch comes days after the Xiaomi YU7's debut, which secured over 240,000 locked orders within the first 18 hours.
Xpeng (NYSE: XPEV) will officially launch the G7 electric SUV (sport utility vehicle) in three days, following Xiaomi's (HKG: 1810, OTCMKTS: XIACY) blockbuster launch of the YU7 SUV last week.
The G7 will officially hit the market on July 3, with a launch event scheduled to begin at 7:30 pm on the same day, Xpeng announced today on Weibo.
The model is a rare combination of cutting-edge technologies and spacious comfort in the smart SUV market, Xpeng chairman and CEO He Xiaopeng wrote on Weibo today.
It is equipped with three Xpeng-developed Turing AI chips, offering over 2,200 TOPS of computing power, and integrates the VLA+VLM large language models, making it the first super AI car with L3 computing power, Mr. He said.
The G7 is equipped with industry-leading technologies such as AR-HUD and AI chassis with pre-view functionality, Mr. He emphasized.
Xpeng unveiled the G7 on June 11 and began its pre-sales, with a price of RMB 235,800 ($32,880), positioning it between its G6 SUV and flagship SUV G9.
The model received more than 10,000 pre-orders in the first 46 minutes, Xpeng said previously.
The G7's launch came days after the June 26 launch of the YU7, which is Xiaomi's first electric SUV and achieved unprecedented success in China's EV industry.
The Xiaomi YU7 started at RMB 253,500, with 200,000 firm orders secured within the first three minutes and over 240,000 locked-in orders within 18 hours of launch.
For the Xiaomi SUV, a firm order required consumers to pay a deposit of RMB 5,000 refundable within seven days, while a locked-in order is an immediate non-refundable order.
The YU7's massive success has positioned it as a pricing benchmark in China's electric SUV market, replacing the Tesla (NASDAQ: TSLA) Model Y.
This means that any new electric SUV must address potential consumer skepticism by highlighting how it compares with the YU7 in key aspects.
Before the YU7's launch, Mr. He said on Weibo on June 23 that the YU7 and G7 have significant differences and will cater to the diverse and higher demands of different users.
He said that he believes the combination of the YU7 and G7 will change the current market landscape where a single model dominates, referring to the Tesla Model Y.
($1 = RMB 7.1726)
