Briefing: Chinese EV maker Xiaopeng launches its first vehicle

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小鹏G3正式上市,上市首日24小时销量1573辆 – NetEase Tech

What happened: Chinese electric vehicle (EV) startup Xiaopeng Motors has officially launched its first vehicle, the G3 SUV, costing between RMB 230,000 (around $33,000) and RMB 260,000. The company revealed that around 1,600 cars were sold on the day of launch (Dec. 13). Xiaopeng Motors has raised over RMB 10 billion from more than 50 investors. Its competitors include NIO, Byton, and WM Motors.

Why it’s important: China’s auto market has slowed over the past five months amid an economic downturn and public fear of a trade war between the US and China. The China Association of Automobile Manufacturers reported last month that compared to last year the sales of gas-driven SUVs, sedans, and minivans decreased by 16% to just under 2.2 million. However, the EV industry has seen growth. The year-to-date sales of gasoline-electric hybrids and electric cars and SUVs soared 68% to over 1 million over the same time period. The boom comes amid moves by the Chinese government to promote the industry with subsidies and sales quotas.