(Yicai) March 14 -- Xpeng’s shares fell after the Chinese electric vehicle producer launched upgraded versions of its G6 and G9 sport utility vehicles along with price cuts of as much as 28 percent for the models.

Xpeng [HKG: 9868] closed 3.6 percent lower at HKD92.10 (USD11.85) a share in Hong Kong today. Its New York-listed stock [NYSE: XPEV] was down 4.9 percent at USD24.11 in pre-market trading as of 8.32 a.m. local time, following big gains this week.

The updated mid-size G6 and luxury G9 are now equipped with Xpeng’s Turing AI self-driving system and support ultra-fast 5C supercharging, the Guangzhou-based firm announced yesterday.

Within just seven minutes of opening orders, the company received more than 5,000 bookings for the G6, while those for the G9 topped 3,000 within 45 minutes. The new G6 is priced at between CNY176,800 and CNY198,800 (USD24,400 and USD27,500), while the G9 now ranges from CNY263,800 to CNY278,800, representing discounts of 6 percent to 28 percent on the previous versions.

Chairman He Xiaopeng said the price cuts mark a significant industry shift. The cost of vehicles with the 5C supercharging technology, which delivers up to 500 kilowatts of power, has dropped to between CNY200,000 and CNY300,000, compared with the previous CNY400,000 to CNY500,000. The battery system enables a 10-minute charge to add up to 450 kilometers of range, with both models achieving a maximum of 725 km.

Over 30 percent of the revamped G6’s primary assembly parts upgraded, along with 81 user experience improvements and enhancements in exterior styling, interior design, and handling. The new G9 now integrates Qualcomm’s Snapdragon 8295P chipset, significantly boosting computing power. It also features an AI-powered chassis that scans road conditions 1,000 times per second and delivers adaptive suspension adjustments 200 times a second.

Moreover, Xpeng has switched to a pure-vision solution for autonomous driving, replacing its former light detection and ranging technology. The firm pointed out that while Tesla charges CNY64,000 for its Full Self-Driving system, Xpeng’s Turing AI technology is offered at no extra cost.

The Tesla rival is also making strides in its other AI endeavors. Xpeng’s humanoid robot and flying car will enter mass production next year, with more than 4,000 pre-orders received for the aircraft so far, He added.

Xpeng delivered more than 30,000 vehicles in February for the fourth month in a row, with shipments jumping sevenfold from a year earlier to 30,450. In the first two months of this year, they surged nearly five times to surpass 60,800. 

Editor: Emmi Laine