With its Most Expensive Ear to Date, Xpeng Breaks Out of a Lower Price Bracket.

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Xpeng said Wednesday night that the G9 SUV, its newest model, will be priced between 309,900 yuan ($44,270) and 469,000 yuan.

The pricing range makes Xpeng’s latest vehicle more affordable than forthcoming SUV options from Nio and Li Auto this fall, as well as Tesla’s Model Y.

However, Xpeng’s prior vehicles were priced substantially lower.

BEIJING (Xinhua) — Xpeng, a Chinese electric car startup, has produced its most expensive vehicle to date, marking the company’s first step into the higher pricing bracket.

In Hong Kong trade on Thursday, shares of the automaker dropped by more than 15%.

On Wednesday night, Xpeng revealed that the G9 SUV, its newest model, will be priced between 309,900 yuan ($44,270) and 469,000 yuan. According to the corporation, deliveries will begin in China in October.

The pricing range makes Xpeng’s latest vehicle less expensive than new SUV offerings from Nio and Li Auto this fall. Nio’s ES7 costs 468,000 to 548,000 yuan, while Li Auto’s Li 9 costs 459,800 yuan.

The G9 is also less expensive than Tesla’s Model Y, a mid-sized SUV starting at 316,900 yuan.

However, Xpeng’s prior vehicles were priced substantially lower.

The P7 sedan, the company’s best-seller thus far, costs between 239,900 and 387,900 yuan depending on driving range. The P5, the company’s other sedan, is available for as little as 179,900 yuan.

The original Xpeng SUV, which is now only available as an improved model named G3i, costs between 181,900 and 201,900 yuan.

Nio sedans, for example, range in price from 328,000 to 536,000 yuan. After applicable subsidies, Tesla’s Model 3 starts at 279,900 yuan.

BYD, China’s leading local leader in the electric car sector, sells at significantly cheaper prices. The popular Han sedan costs between 214,800 and 329,800 yuan after subsidies.

According to the China Passenger Car Association, BYD’s Qin, Han, and Dolphin models were among the top five best-selling new energy passenger cars in China during the first eight months of the year. SUVs were not on the list.

According to the association statistics, Tesla’s Model 3 was placed sixth, while Xpeng’s P7 was ranked tenth.

Xpeng’s assisted-driving software has been one of its selling factors. The company stated this week that it is distributing the latest version of the programme, which includes urban scenarios in addition to roads, to certain customers in the southern Chinese metropolis of Guangzhou.

In addition to driver assistance software, the G9 has rapid battery charging and what Xpeng refers to as an immersive 5D experience” within the car for watching movies and listening to music. According to the business, after revealing the in-car experience in August, it received over 20,000 pre-orders for the G9 in the first 24 hours of reservations.

We’re extremely sure that this G9 will be a very popular SUV in its class, Xpeng president and honorary vice chairman Brian Gu said this week in an interview with CNBC’s Eunice Yoon.

We believe the volume of G9 will exceed that of P7 next year, making it one of our best-selling vehicles, he said.

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