XPeng Reportedly Plans To Launch 2 EVs Next Year — One Of Them Could Compete With Tesla's Model Y

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.

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“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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