Xpeng updates and renames the G3 electric SUV
The electric car manufacturer Xpeng has given its first G3 model, which was launched in China at the end of 2018, a design update. The launch of the revised version took place in China these days, and the first deliveries are scheduled for September.
The electric SUV had already received a technology upgrade in 2019. The facelift now unveiled for the Chinese market goes under the model designation G3i and comprises four versions at prices between 149,800 and 185,800 yuan (after subsidies), the equivalent of about 19,500 to 24,200 euros. Besides the refreshed exterior design, the G3i also has “optimised intelligent functions”. Specifically, Xpeng mentions improvements in the operating system and the autonomous driving assistance system (“XPILOT 2.5”).
Xpeng explicitly cites the younger, internet-savvy generation as the vehicle’s target group: “With optimized intelligent features and a fresh new look, we believe that the G3i will become the first choice of RMB200,000 range smart electric SUVs for young people,” says He Xiaopeng, Chairmen and CEO of Xpeng.
Since its launch in 2018, the G3 is expected to be the “second best-selling all-electric SUV in China’s mid- to high-end market”, according to the manufacturer. In the first quarter of 2021, it said, the G3 ranked first among A-Class all-electric SUVs in China in terms of registrations. The model has also been offered in Norway since the end of 2020. An interesting detail: since its launch in 2018, the G3 is said to have already received 15 major over-the-air updates, unlocking 55 new features by 31 March 2021.
With the G3 and the P7 sedan, Xpeng has managed two launches within a short period of time, and a third series model is also in the starting blocks: The P5 sedan is to be launched in the third quarter of 2021, followed by the start of deliveries in the fourth quarter. Xpeng presented the model at the Shanghai auto show in April.
Meanwhile, following its stock market debut in the USA in August 2020, Xpeng has just announced its listing on the Hong Kong Stock Exchange. This is a so-called “dual primary listing”. According to the electric car manufacturer, 85 million ordinary shares were sold worldwide at the offering price of 165 Hong Kong dollars (about 17.93 euros) each in the IPO. The gross proceeds add up to about 14 billion Hong Kong dollars (about 1.5 billion euros). Xpeng intends to invest the net proceeds in, among other things, the expansion of its product portfolio, the acceleration of its business expansion, the expansion of its sales and service outlets and in production.
He Xiaopeng expects the penetration rate of plug-in hybrid and electric cars in China to reach 30 per cent by 2025 – as high as 60 per cent in major cities due to emission restriction policies. The company’s existing factory has a capacity of about 100,000 vehicles. The maximum production capacity could be increased to 500,000 vehicles once all the factories are operating at full capacity, he said last week during a press conference after the listing ceremony, according to the Global Times.