XPeng 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 could be a potentially strong competitor to Tesla’s Model Y — the company's Vice Chairman and President Brian Gu said during the latest earnings conference call.

The Cars: XPeng plans to launch a B-class and a C-class vehicle, which refers to their sizes.

The B-class vehicle, expected to be the Tesla Model Y competitor, is slated for launch in the first half of next year, while C-class would be launched in the second half.

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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 said during the call.

The Xpeng vice chairman said the B-class vehicle would "target even larger market segment" and expects it to be "a model that can generate substantial numbers of delivery and sales."

"It could probably consider that to be of strong competitors to the current model wide in the market," Gu aded.

The news was first reported by CNBC. Xpeng declined to divulge details beyond the ones shared on the earnings call when contacted by Benzinga.

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%, or 6.8 billion yuan to 7.2 billion yuan.