Tesla Inc TSLA rival XPeng Inc XPEV is planning to launch two cars next year, one of which would be a potentially strong competitor to Tesla’s Model Y, CNBC reported on Wednesday, citing company president Brian Gu.
The Cars: XPeng plans to launch a B-class and a C-class vehicle, which refers to their sizes, as per the report.
The B-class vehicle, considered the Tesla Model Y competitor, will be launched in the first half of next year, while C-class will be launched in the second half, according to CNBC.
“Given the premium and large format positioning, the number may be limited in terms of contribution. But again, it’s still going to be targeting a brand-new segment that we did not cover before,” Gu was quoted as saying.
XPeng did not immediately respond to Benzinga's emailed request for comment.
XPeng Earnings: XPeng's Hong Kong shares tumbled over 12% on Wednesday after the company posted a quarterly net loss that more than doubled.
The company expects third-quarter vehicle deliveries of 29,000 to 31,000 units and a revenue rise of 18.9% to 25.9% (6.8 billion yuan - 7.2 billion yuan).
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