Hyperdrive
Chinese Electric Cars Use Aggressive Pricing to Undercut Tesla
- Domestic EV makers NIO, Xpeng rolling out competing models
- New NIO car that competes with Tesla’s SUV starts at $52,500
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Chinese electric-car makers are trying to give Tesla Inc. a run for its money, launching models in their home market with aggressive prices meant to undercut the U.S. marque that’s become the sales leader.
NIO Inc. said Friday its new EC6 compact SUV will start at 368,000 yuan ($52,500), which is about 25% lower than the tentative price of Tesla’s direct rival, the Model Y. Xpeng Motors’ P7 sedan goes head-to-head with Tesla’s Model 3 -- and costs less even with a significantly longer driving range in a variant slated to come out in September.