Xpeng Follows Tesla With Major Price Cuts on China Electric Cars

(Bloomberg) — Xpeng Inc. slashed prices on its electric-car models by as much as 12.5% Tuesday after Tesla Inc.’s surprise cuts at the start of the year amid an intensifying price war in the Chinese auto market.

The starting price of the base model of Xpeng’s G3i sport utility vehicle dropped to 148,900 yuan ($22,000) from 168,900 yuan, according to a post on the company’s official Weibo page. P7 sedan prices were cut to 249,900 yuan, while the tag on the newly released G9 model stayed the same.