Chinese language electrical carmaker Xpeng teased particulars about two new automobiles it plans to launch subsequent yr, with one positioned to be a competitor to Tesla’s Mannequin Y.

Presently, the corporate has 4 automobiles on sale — the flagship P7 sedan, a less expensive P5 sedan, the G3 sports activities utility car and a bigger G9 SUV that can start being delivered to prospects in October.

Xpeng has been aggressive in launching automobiles because it seems to be to achieve share in China’s fast-growing electrical car market and problem leaders reminiscent of Tesla and Warren Buffett-backed BYD.

Whereas the corporate has not launched names or many particulars concerning the two new fashions slated for 2023, Xpeng President Brian Gu, supplied some snippets of knowledge.

One of many automobiles will likely be a so-called B-class car and the opposite a C-class car. The courses check with the dimensions of the car. For context, the corporate’s P7 sedan is a B-class automotive whereas the G9 SUV is a C-class car.

Gu mentioned the B-class car will launch within the first half of subsequent yr and is “truly going to focus on [an] even bigger market section” than the P7 sedan. He mentioned the automotive may be thought of a “sturdy competitor” to Tesla’s Mannequin Y mid-sized SUV.

The C-class product will likely be launched within the second half of 2023, Gu added.

“Given the premium and huge format positioning, the quantity could also be restricted when it comes to contribution,” Gu mentioned of the C-class mannequin. “However once more, it is nonetheless going to be focusing on a brand-new section that we didn’t cowl earlier than,” he added.

Gu additionally mentioned the brand new fashions won’t be sedans. He didn’t touch upon the kind of car they might be.

The chief mentioned the B-class mannequin will likely be “completely different” to the upcoming G9 when it comes to measurement and worth level.

“So there’s minimal cannibalization from our mannequin positioning and lineup,” Gu mentioned.

Tesla’s Mannequin Y is constantly one of many top-selling electrical automobiles in China. However competitors on the planet’s largest electrical automotive market is on the rise with Xpeng and rivals Nio and Li Auto attempting to problem the U.S. large.

Particulars of Xpeng’s new vehicles got here after the corporate reported a wider-than-expected loss within the second quarter of the yr, and weak supply steering for the third quarter that despatched its inventory cratering.

Gu mentioned with the launch of the G9 and its new vehicles subsequent yr, the corporate will enter a “progress cycle.”