Xpeng

Xpeng is expected to launch facelifted versions of three existing models, the P7, G3 and P5, as well as two new models, including a coupe SUV and an MPV.

By fighting for volume, Xpeng's gross margins will take a hit as costs are not materially lower, Edison Yu's team said.

Xpeng aims to see sales of 1.2 million by 2027 and reach about 30 percent share of the fully autonomous vehicle market.

The move is a normal price adjustment for Xpeng as its vehicle production costs have fallen, a spokesperson told CnEVPost.

In a response sent to CnEVPost, Xpeng said the company welcomes talent, but Mr. He will remain as the company's head and that will not change.

Xpeng has signed strategic partnership agreements with two mobility services companies and completed the first deliveries of Xpeng P7 vehicles under the cooperation.

By the close of trading, Xpeng was down 6.82 percent in Hong Kong, Li Auto was down 6.55 percent and Nio was down 4.03 percent.

Consumers who previously bought Xpeng models were eligible for purchase subsidies ranging from RMB 10,080 ($1,460) to RMB 13,860.

Xpeng G9 delivered 4,020 units in December, up 160 percent from November, the first time it exceeded 4,000 units.

The company, which has a registered capital of 5 billion yuan ($718 million), has a range of operations including battery manufacturing, battery sales, battery parts production, motor manufacturing and R&D.