Xpeng

This is due to Xpeng's recent organizational restructuring and personal matters, the company said in an announcement.

Orders with deposits paid by 24:00 on December 31 will continue to receive the same purchase subsidies as in 2022, Xpeng said.

The key to Xpeng regaining relevance is winning back demand, and that could take several quarters, creating significant uncertainty heading into 2023.

Xpeng's battery R&D team is currently around 100 people, and the company already has a lot of communication with upstream raw material suppliers, according to local media.

Xpeng may be preparing for future battery development. A month ago, a similar company established by Nio received a lot of media coverage.

Xpeng has cut the SKUs of the P7, P5 and G3i in half, seemingly hoping to boost declining sales by making it easier for consumers to choose.

Xpeng saw a significant drop in deliveries in the second half of the year, and potential consumers waiting for the new P7 could be one of the reasons.

Although Xpeng has not directly adjusted the prices of its models, the discounts to some extent amount to a price cut in disguise, local media said.

Industrial Securities believes that Xpeng's short-term model changeover and sales pressure will not affect the company's long-term value.

Xpeng delivered 29,570 vehicles in the third quarter, up 15.21 percent from the same period last year and down 14.10 percent from the second quarter.