Benzinga | Nov 22, 2021 04:08AM EST

Tesla, Nio Rival Xpeng Unveils Electric SUV G9, Eyeing Customers 'Worldwide:' What You Need To Know

Chinese automaker Xpeng Inc (NYSE:XPEV) on Friday revealed an electric SUV G9 at the Guangzhou International Automobile Exhibition.

What Happened: The electric automaker plans to launch the vehicle next year in both China and international markets to take on homegrown rival Nio Inc (NYSE:NIO) and global electric-vehicle segment leader Tesla Inc (NASDAQ:TSLA).

The G9 would be the fourth electric vehicle from Xpeng lineup and feature the automaker's in-house Xpilot semi-autonomous driving system, lidar technology and NVIDIA Corp (NASDAQ:NVDA) semiconductor chips.

See Also: Volkswagen Beats Xpeng, Li Auto And Nio Numbers For Octobers With Its ID. Series Deliveries In China

"G9 is our first model to be conceived and developed from the ground up for both the international and Chinese markets, demonstrating our commitment to the international markets and bringing our most sophisticated designs to our customers worldwide," Xpeng co-founder Henry Xia said in a statement.

The Guangzhou, China-headquartered Xpeng has not revealed the pricing for the G9 electric SUV. The G9 is expected to compete with Nio's ES6 and Tesla's Model Y.

Why It Matters: Xpeng has delivered over 10,000 electric vehicles for two consecutive months now.

The electric automaker last month revealed the retail prices of its flagship sedan P7 in Norway and priced it higher than in China.

Nio when unveiled the pricing for its sports utility vehicle ES8 in Norway said it is following a global pricing strategy.

See Also: Xpeng Prices P7 Sedan Higher In Norway Than Home Turf China As It Takes On Tesla, Nio

Xpeng, Nio and BYD Co (OTC:BYDDY) are among a host of Chinese electric vehicle makers that are eyeing overseas expansion after successfully establishing their brand on home turf. Norway is being seen as a gateway to Europe for these electric automakers.

Tesla and Volkswagen Group (OTC:VWAGY) have already built a formidable presence in these markets with their electric vehicle lineups.

Price Action: Xpeng shares closed 2.13% lower at $47.27 a share on Thursday.

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