Chinese electric vehicle maker Xpeng will launch a Tesla Model Y competitor in 2023

A new Xpeng P7 car is displayed at the Xpeng Motors flagship store in a mall. Xpeng P7 is one of two popular Xpeng engine models.

Zhang Peng | light flare | Getty Images

Chinese electric carmaker Xpeng has teased details of two new vehicles it plans to launch next year, one positioned to be a competitor to Tesla’s Model Y.

Currently, the company has four vehicles on sale – the flagship P7 sedan, a less expensive P5 sedan, the G3 sport utility vehicle and a larger G9 SUV which will start delivering to customers in October.

Xpeng has been aggressive in launching vehicles as it seeks to gain share in China’s growing electric vehicle market and challenge leaders such as Tesla and Warren Buffett-backed BYD.

While the company hasn’t released names or many details about the two new models slated for 2023, Xpeng President Brian Gu has provided a few snippets of information.

One of the vehicles will be a so-called class B vehicle and the other a class C vehicle. The classes refer to the size of the vehicle. For context, the company’s P7 sedan is a Class B car while the G9 SUV is a Class C vehicle.

Gu said the B-class vehicle will be launched in the first half of next year and “is actually going to target [an] even wider market segment” than the P7 sedan. He said the car can be seen as a “serious competitor” to Tesla’s Model Y midsize SUV.

The C-class product will be released in the second half of 2023, Gu added.

“Given the premium and large-format positioning, the number may be limited in terms of contribution,” Gu said of the C-class model. “But again, it will always target a whole new segment that we don’t let’s not cover before,” he added.

Gu also said the new models will not be sedans. He did not comment on what type of vehicle they would be.

The executive said the Class B model will be “different” from the upcoming G9 in size and price.

“So there’s minimal cannibalization of our positioning and our model lineup,” Gu said.

Tesla’s Model Y is consistently one of the best-selling electric vehicles in China. But competition in the world’s biggest electric car market is on the rise with Xpeng and rivals Nio and Li Auto trying to challenge the US giant.

Details of Xpeng’s new cars came after the company reported a bigger-than-expected loss in the second quarter of the year and weak third-quarter delivery forecasts that sent its stock skyrocketing.

Gu said with the launch of the G9 and its new cars next year, the company will enter a “growth cycle”.

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