XPeng Plans to Launch MPV, SUV and Modified Version of P7 in 2023

Chinese electric vehicle maker XPeng plans to launch three new models in 2023, namely, the modified version of the hot-selling model P7, an SUV model with internal code F30, and an MPV model with internal code H93, which correspond to the E, F and H platforms after the organizational structure adjustment in November, Jiemian News reported on December 14.

The modified version of the P7 has appeared on the declaration list of China’s Ministry of Industry and Information Technology. However, since the three products have not yet been unveiled, the plan may still change. XPeng responded that the company’s new product release schedule will be announced at an appropriate time.

According to sources, the relationship between the F30 and the G9 model is just like Porsche’s Macan and Cayenne. XPeng hopes the F30 can compete with Tesla’s Model Y. Since 2022, the Model Y has accounted for more than 50% of Tesla’s monthly sales in China, and reached a new high of 68% this past November. This car is often at the top of the monthly sales list of the SUV market in the country. According to the data of China Passenger Car Association (CPCA), Tesla China sold 460,000 Model Ys in the first 11 months of this year. At NIO‘s conference call after the release of the third-quarter financial report, William Li, chairman of NIO, frankly said that the company plans to launch its own “Model Y” in 2023.

XPeng also plans to launch an MPV model based on the H platform, codenamed H93. The MPV is another major market segment sought after by Chinese car companies. Hongqi, Voyah, BYD’s Denza and other brands have all launched their own MPV models. According to CPCA, in 2021, the cumulative annual sales volume of MPVs in the Chinese market was 1.055 million units, and its penetration rate in the passenger car market was only 5%, which was 0.3 percentage points lower than that in the same period in 2020.

XPeng hopes to increase the average selling price with the help of its MPV models. However, according to Jiemian News, there are some concerns about MPV models inside the company, because the specific market size is not large. “Some staff worried that the G9 model has not fully verified XPeng‘s ability to explore high-priced markets,” a source said.

At the performance meeting of the third quarter financial report, XPeng founder He Xiaopeng said, “We have laid out three platforms, including the completed E platform and the F platform and H platform planned to be completed next year. The three new products launched one after another from the first quarter of next year will further enhance our competitiveness.”

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He’s prediction for 2023 is that the market growth rate will be slower than that in 2022, but the real smart car era will start from the second half of 2023 and gradually expand. Based on this judgment, XPeng will enrich its product matrix in 2023 to enhance its competitiveness.

For the key battle next year, XPeng is currently carrying out talent recruitment and a partial optimization of its organizational structure. According to Jiemian News, the newly established Strategy and Product Planning Department is selecting qualified candidates within the company. In addition, talents who have left their jobs are encouraged to come back to the company.