XPEV - Xpeng cuts prices on most models following Tesla Seres

Chinese automaker Xpeng ( NYSE: XPEV ) on Tuesday announced price cuts for some models, joining likes of Tesla ( TSLA ) and Seres.

Xpeng ( XPEV ) has reduced the starting prices for its best-selling P7 electric sedan to CNY 209,900, down 12.5% from previous prices. It has also cut prices between 10%-13% for all versions of its P5 sedan and G3i SUV.

The automaker will offer extended maintenance services to car owners who purchased the models before the price cut. The lower prices are expected to boost sales for Xpeng, which recorded 2.5% fewer sales in 2022 than a year earlier.

Xpeng ( XPEV ) is the latest company to slash its prices. Tesla ( TSLA ) announced cuts for its Model 3 and Model Y in China earlier this month. Most recently, Seres lowered prices for its Aito electric cars.

Morgan Stanley's Adam Jonas warned earlier in January of softness in the EV market this year as the sector moves from a state of acute undersupply to potential oversupply.

XPEV shares fell ~4% premarket on Tuesday

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