XPENG to launch over-300,000-yuan sedan model in second half of 2024

Beijing (Gasgoo)- On February 18, He Xiaopeng, CEO of Chinese new energy vehicle maker XPENG, sent a motivational letter to all employees with ambitious goals set for the new year.

Photo credit: XPENG

As XPENG celebrates its tenth anniversary in 2024, He Xiaopeng set a goal to double the company’s performance, address organizational weaknesses comprehensively, and initiate high-quality operations.

In 2024, XPENG plans to launch its first vehicle models on both the over-300,000-yuan and 150,000-yuan vehicle platforms. The first vehicle on the 150,000-yuan platform is codenamed "MONA", which is a collaborative model with ride-sharing giant DiDi. Meanwhile, the inaugural vehicle on the 300,000-yuan platform, potentially codenamed "F57," is scheduled for market release in the second half of the year.

He Xiaopeng revealed plans to recruit approximately 4,000 more employees and allocate over 40% of the budget to R&D.

He believes 2024 marks the beginning of intense competition and elimination for Chinese automotive brands. XPENG, having battled fiercely from the outset, has amassed significant experience, with He Xiaopeng asserting that perseverance will lead to victory.

In 2023, XPENG achieved an annual sales volume of 140,000 vehicles, falling short of its target of 200,000 units, representing a completion rate of only 70%.