Chinese EV maker XPeng is seeing its shares move higher after unveiling new competitive pricing with Tesla's Model Y. Yahoo Finance Live takes a look at XPeng's position in international electric vehicle markets and its outlook.
Video Transcript
- XPeng, the EV maker, Chinese EV maker, surging today after it launched its new G6 Coupe SUV in China coming in at just under $29,000 that's below the price for Tesla's Model Y, which is currently around $30,000 in China. And analysts were positive here on the pricing strategy for this new vehicle.
- I mean, look, I have never ridden an XPeng. I would love to. I would love to give it a shot. I have no doubt. And our own Pras Subramanian has taken a ride in all of these before. But as you think about where this market in China is getting that much more competitive, whether it be on some of the US or European companies that are trying to set up camp to be able to produce and then directly deliver within that region.
Tesla has certainly been very vocal and very out front about some of their ambitions there, and especially in this EV landscape too, is you have now a region that is placing more mandates in focus and in operation for some of the traditional combustion engine companies that are in that region in the greater China region. XPeng, as well as Tesla, and some of the other pure EV plays, it's going to be interesting to see how they can be able to maintain their own market share while there is increasing production mandate from some of the larger entities that have been in the region for decades.
- Yeah. I mean, when it just comes purely to the stock, the likes of folks at Citigroup, while they're encouraged by the pricing of this product, they say the valuation is too steep for them right now, even though you can see what the stock has done over the past year.
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