Chinese EV maker Xpeng's shares jump after pricing SUV below Tesla Model Y, lifts peers

Electric-car maker Xpeng Inc priced its latest G6 sport utility vehicle about 20 per cent lower than Tesla's Model Y in China, sending its U.S.-listed shares up 7.6 per cent in premarket trading on Friday.

Warren Buffett-backed BYD dominates the Chinese market and U.S. automaker Tesla is set to hit another record quarter in China, with sales in the country expected to increase 13 per cent from the previous three months, analysts said. Xpeng is pinning hopes on the new SUV to help turnaround its sales, after the company reported lackluster deliveries in May.

"We do admit the G6 pricing strategy created a unique product segment of BEV SUV at the 200,000-230,000 yuan range which attracts customers wanting an entry level mid-sized BEV SUV but cannot afford a Tesla model-Y or Xpeng P7i," Citigroup analysts wrote in a note.

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