XPeng’s New ‘Budget’ EV Looks Like the Ferrari Luce
Chinese automaker XPeng is launching its new 'budget' electric vehicle, the L03, in 60 countries across Europe, Latin America, and Asia. The vehicle aims to compete with established models like the Volkswagen ID.4 by offering high-end features at a competitive price point.
Why it matters
XPeng's global expansion represents the growing influence of Chinese EV manufacturers in international markets.
It’s hard to believe that XPeng was founded just shy of 12 years ago. Yet by 2020 it was already shipping EVs to Norway, marking the start of the Chinese company’s European journey.
Look at the top 10 EV manufacturers in China by volume, and you won’t find XPeng, but it’s growing and has forged a bigger reputation outside of its home country. Now it wants to go global with its latest model, the L03, the brand's first new car that will launch in 60 countries across Europe, Latin America, the Middle East, and the Asia-Pacific.
The L03 is a big play for XPeng because this is its “budget” model, starting at €35,600 (about $40,000), priced to sit below its G6 Tesla Model Y competitor, and to sell in volume.
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