Li’s comments come at a time when China’s EV sales start to slow amid potential recession worries, growing competition, and supply chain disruptions due to frequent Covid comebacks.
Xpeng Motors is priming for a public listing in New York where it could raise up to $1.1 billion from high-profile backers including Alibaba and Xiaomi.
Xpeng, Li Auto, and Nio are downsizing as rising costs of raw materials and supply chain disruptions cut into profit margins.
Six-year-old Xpeng Motors now has a market capitalization of nearly $15 billion, nearing the size of a number of giant Chinese automakers.
Starting at $38,400, the sedan is designed to compete with Tesla’s Model 3.
Chinese EV sales reported robust figures in January. Tesla ended 2021 with a solid profit performance. CATL retained its competitive lead.
Tesla once nurtured competitors like Xpeng, but now it’s accusing the Chinese EV maker of theft through a lawsuit against a former Tesla engineer.
Tesla requested access to Xpeng’s entire repository of autonomous-driving source code and clones of its executives’ hard drives.