Chinese automaker XPeng Inc. (NYSE:XPEV) has said that it is close to building an electric vehicle that will take on Elon Musk-led Tesla Inc.‘s (NASDAQ:TSLA) Model Y SUV.
‘Not Far From Beating Model Y’
According to a Financial Times report on Sunday, the automaker’s CEO, He Xiaopeng, said that the company was “not far from beating Model Y.”
The comments came as the automaker unveiled its L03 all-electric SUV, priced at €35,600 (approximately $40,700), released simultaneously in Europe and China, the report said. For context, the Model Y retails from approximately €39,000 (approximately $44,600) in Europe.
The news comes as the automaker recently revealed its Level 4 autonomous driving roadmap, with Xpeng saying it plans to roll out the feature in 2028. The system, dubbed the SEPA 4.0, will feature an in-house AI foundation model as well as “embodied AI” across vehicles and robots.
Tesla’s Model Y
The news comes as the Model Y emerged as the best-selling vehicle across powertrains in China during June, when it sold more than 38,000 units.
This was the second time that the Model Y emerged as a best-seller this year, with the SUV earlier being the best-selling model in March 2026.
Tesla also unveiled the U.S.-spec Model Y L recently, priced at $61,990, with the EV giant also delivering over 480,000 units during the second quarter of 2026.
Tesla’s Earnings Call
The automaker released its company-compiled data of sell-side analysts’ forecasts for its second-quarter 2026 earnings estimates ahead of this week’s earnings call. Analysts expect approximately $27.6 billion in revenue for the quarter, with a GAAP EPS of $0.36 per share.
Check out more of Benzinga’s Future Of Mobility coverage by following this link.
Image via Shutterstock
Login to comment