XPeng cuts G6 price by 5% from Investing.com

© Reuters. XPeng (XPEV) Cuts G6 Price by 5%

The Chinese company XPeng Inc. (NYSE: ) announced on social media Monday that the electric car maker has temporarily cut the price of its best-selling G6 electric SUV by about 5%.

The Guangzhou-based company has cut the price of the G6 by 10,000 yuan ($1,400), bringing the vehicle’s starting price down to 199,900 yuan. According to the announcement, the discount will continue until the end of the month.

The vehicle’s reduced price is aimed at maintaining strong sales and is the latest sign of intensifying competition in the region’s fast-growing car market.

XPeng’s move follows a campaign by China’s BYD, which this month offered discounts of up to 20,000 yuan — or 8 percent — on its Han EV sedan on Dec. 1.

XPeng started deliveries of the G6 in July, significantly boosting the automaker’s sales volume from August to November.

During a media briefing in July, Brian Gu, the automaker’s president, said the company expects to ship at least 10,000 G6s per month and outlined plans to ramp up production of the new model.

In the previous month, Xpeng managed a shipment volume of 8,750 units, showing minimal deviations from October. Notably, G6 shipments accounted for less than half of Xpeng’s total sales in November, which reached an all-time high of 20,041 units.

Shares of XPEV traded up 3.83% in midday trading on Tuesday.