XPeng's New SUV Gets Over 25K Pre-Orders In Just 3 Days

EV maker Xpeng Inc (NYSE:XPEV) said on Monday that it has received over 25,000 pre-sale orders in China for its SUV in three days.

What Happened: The Guangzhou-headquartered EV maker commenced pre-sales of G6 on Friday at RMB 225,000 ($31,506). The vehicle debuted in April at Auto Shanghai and is touted to be a sleek futuristic dream with a body design inspired by science fiction.

In 72 hours, the vehicle received more than 25,000 orders for it, the company said in a tweet. The vehicle has ‘captivated crowds’ upon debut at stores, it added.

Why It Matters: G6 is XPeng’s fifth smart EV model and and has a 755km maximum range. Maximum charging speed offers 300 km of range with 10 minutes of charging.

In May, XPeng reported a first-quarter FY23 sales decline of 45.9% year-on-year, to RMB4.03 billion ($587.31 million). Quarterly deliveries slumped 17.9% year over year to 18,230 and operating loss widened to RMB2.59 billion as compared to a loss of RMB1.92 billion last year.

For the upcoming quarter, XPeng sees revenue of $657.7 million- $686.9 million, representing a year-over-year decrease of 36.8% – 39.5%, below the consensus of $1 billion.

CEO Xiaopeng He said in the company’s first-quarter earnings call that the company will prioritize scale before considering pricing.

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