Xiaopeng plans to introduce two large EREV models, the G9 and X9, in the fourth quarter of this year, marking its debut in markets beyond pure electric vehicles.

Following these releases, Xiaopeng will extend its EREV technology, swiftly completing its presence in mid-end and low-end markets already validated by competitors. Both the upcoming G7 and MONA series will incorporate EREV vehicles.

By Xing Ruifang

Edited by Mao Shiyang

Original content by AutoPix (ID: autopix)

01. Competing Across High-End and Low-End Markets

AutoPix exclusively learned that Xiaopeng will introduce multiple new EREV models targeting the low-to-mid-end market. These models are anticipated to continue the MONA series' positioning, with primary sales entering the price range of RMB 150,000 and below.

Currently, the MONA series only offers one sedan, the M03, which is Xiaopeng's top-selling model, contributing over 40% of its sales in the first half of the year. It is also Xiaopeng's most affordable model, competing with BYD's Qin L EV, among others.

The M03 is currently available only in a pure electric version. From the second half of this year to next year, the series will unveil multiple new products, most of which have been planned with both pure electric and EREV versions. We understand that Xiaopeng has at least three more new models under development within the same series.

Xiaopeng officially announced its EREV plan for the first time in November 2024. Over the past six months, Xiaopeng has successively unveiled products, with the first EREV model based on the large SUV G9. In April of this year, it was revealed that an EREV version of the MPV model X9 would also be launched.

Initially, it was speculated that Xiaopeng would only adopt EREV technology for mid-to-high-end models to boost sales of large and medium-sized products, a path validated by brands like Li Auto and AITO.

After the MONA M03 established a foothold in the cost-effective market, Xiaopeng is indeed repositioning itself in the mid-to-high-end market. We understand that production of the P7i at Xiaopeng's Zhaoqing factory is nearing cessation, and the factory will primarily produce the MONA series thereafter.

Xiaopeng will introduce two new models to fill the gap left by the P7i, including a new high-end sedan codenamed E29 in the second half of this year, produced in a new factory in Huangpu, Guangzhou, and another flagship sedan with a higher positioning, produced alongside the X9 and G9 in the old Huangpu factory.

However, Xiaopeng's EREV product planning is clearly more extensive. In addition to the two flagship models officially announced, AutoPix exclusively learned that Xiaopeng's newly launched G7 model also has an EREV version planned. 36Kr has previously disclosed that mid-range products such as the P7 will also have EREV versions.

▍Xiaopeng G7

Currently, Xiaopeng is simultaneously advancing the implementation of EREV technology in high, mid, and low markets.

At a conference late last year, He Xiaopeng stated that if Xiaopeng wants to expand into the global market, it needs to find a new energy replenishment method beyond pure electric vehicles, such as achieving a range of over 1,000 kilometers, which includes extended-range hybrids. He referred to Xiaopeng's EREV technology as "Super Electric" and stated that in the future, Xiaopeng will walk on two legs with "Pure Electric + Super Electric".

However, He Xiaopeng believes that producing homogeneous EREV vehicles is no longer meaningful, so Xiaopeng's EREV technology will be differentiated, featuring larger pure electric ranges and ultra-silent engines. The goal is for the volume of the EREV engine after startup to be only a few decibels higher than that of an electric motor. Xiaopeng named this set of EREV technology "Kunpeng Electric".

Now, Xiaopeng's EREV will further extend to the cost-effective market represented by MONA. In this market, which is more challenging in terms of cost, we will continue to monitor Xiaopeng's technical path and whether it will still adopt a high-cost strategy of large battery EREV.

02. Competing Directly with Leapmotor and BYD

Xiaopeng was once considered the most Tesla-like among domestic new-energy vehicle companies. It once only produced pure electric vehicles, followed a pure vision approach in intelligent driving technology, positioned its products to pursue a technological experience, and emphasized the full product line combination of high-level assisted driving. Under this strategy, Xiaopeng launched the flagship large SUV model G9 in 2022 and the G6, which targets the Tesla Model Y, in 2023, but its monthly sales have remained steady yet low.

The failure of the G9 directly led Xiaopeng into a trough. Starting with the MONA M03 last year, Xiaopeng changed its strategy and entered the absolute cost-effective market for the first time. The M03 is priced between RMB 119,800 and RMB 139,800, with direct competitors including BYD's best-selling Qin L EV and Seal 06 EV.

▍Xiaopeng X9

In June, Xiaopeng delivered 35,000 new vehicles, surpassing 30,000 vehicles in sales for eight consecutive months. In the first half of the year, Xiaopeng delivered a total of 197,000 vehicles, exceeding the total for the entire previous year, making it one of the leading new-energy vehicle companies with significant growth momentum.

The MONA series has played a crucial role in Xiaopeng's recovery from its trough. In the first half of this year, the series' first model, the M03, sold over 80,000 units, making it Xiaopeng's best-selling model. Deliveries of the M03 began at the end of August last year. Before that, Xiaopeng's monthly sales had fallen below 10,000 units, but then quickly rebounded to over 20,000 units and continued to climb month by month.

Xiaopeng has seen the potential of the cost-effective market. In the first quarter of 2025, sales of passenger vehicles priced below RMB 150,000 reached 3.03 million, accounting for approximately 60% of the overall market share, which is the foundation for the success of the M03.

Cost control capability is crucial in the cost-effective market. He Xiaopeng has reflected on the trough from 2022 to 2023 on multiple occasions, stating that internal management issues led to higher procurement costs than competitors. He Xiaopeng has focused on addressing these issues over the past two years, dismissing 10 senior executives in 2023 and improving overall efficiency, especially in manufacturing and procurement. After addressing these issues, Xiaopeng not only launched the low-priced M03 but also the new P7+ and new G6, which are priced tens of thousands of yuan lower than their corresponding older models.

However, beyond a company's internal management efficiency, cost control is most challenging in terms of scale. Once entering the cost-effective market, pursuing scale and cost reduction is almost an inevitable direction. BYD sold 2.15 million vehicles in the first half of this year, more than ten times that of Xiaopeng.

Xiaopeng's goal for this year is to achieve profitability in the fourth quarter. More than a month ago, He Xiaopeng, CEO of Xiaopeng Motors, revealed in a conference call following the third-quarter financial report that Xiaopeng is confident of achieving more than double the growth target for annual sales. The corresponding sales target is approximately 400,000 vehicles.

The sales volume of EREV vehicles has been validated by multiple automakers, with Leapmotor being the most extreme example. The company sold 222,000 vehicles in the first half of this year, with a year-on-year growth rate of approximately 155%. The price positioning of its main sales models is comparable to that of the MONA series.

The competition for the M03 is intensifying, with new rivals such as the Leapmotor B01 and Geely Yinxing Xingyao 8 emerging. The full entry of EREV vehicles into the cost-effective market is almost a natural extension of Xiaopeng's direction towards cost control strategies and scale expansion. In He Xiaopeng's own words, he aims to be the CEO of a large-scale manufacturing enterprise, not just a technology enterprise.

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