Xpeng (NYSE:XPEV) stock is rallying higher on Friday after the electric vehicle (EV) company priced its G6 SUV below Tesla’s (NASDAQ:TSLA) Model Y.
The big news here is Xpeng pricing its newest G6 SUV at 209,900 yuan in China. That comes in below the 263,900 yuan starting price for a Tesla Model Y in the country. This could help Xpeng’s G6 dethrone the Model Y as one of the best-selling EVs in the country.
Analysts are also positive about the low price of the G6. They claim that this will allow the company to move 100,000 units each month. Citigroup specifically highlights that it will draw in EV customers that can’t afford the more expensive Model Y or Xpeng’s own P7i.
Xpeng G6 SUV Details
Xpeng says deliveries of its G6 SUV start next month in China. The EV has a starting price of 209,900 yuan, with its highest price sitting at 276,900 yuan. The EV is also sporting a range of about 750 miles per charge, and its fast-charging battery allows it to reach a roughly 186-mile range within 10 minutes.
News of the launch has XPEV stock seeing heavy trading on Friday. That has some 12 million shares on the move as of this writing. That’s already closing in on its daily average trading volume of about 12.7 million shares.
XPEV stock is up 12.6% as of Friday morning and is up 30.8% since the start of the year.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
