Brian Gu, Vice Chairman and Co-president of Chinese electric vehicle (EV) giant XPeng Inc. (NYSE:XPEV), expressed his optimism with the newly launched X9 model, touting it as a potential “game-changer” for the industry.

What Happened: As CNBC reported, the X9, an EV with seven seats, was launched on Jan. 1, employing the SEPA2.0 architecture for the Chinese market. The vehicle is priced between 359,800 yuan ($50,360) and 419,800 yuan ($58,760), with deliveries commencing immediately.

“For X9, we actually anticipate this to be a game-changer for the battery electric vehicles segment for MPVs (multi-purpose vehicles),” Gu said in an exclusive interview with CNBC.

He added, “We believe this could be the top seller in its category … because I think it has some very innovative technology and design as well as superior handling, industry-leading smart driving technology – packed into a very beautifully designed product.”

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XPeng’s X9 launch coincides with other Chinese EV players, including Nio (NYSE:NIO), Huawei, and Zeekr, introducing new electric vehicles. Even consumer electronics company Xiaomi is set to enter the market with its first EV.

XPeng also has plans to roll out driver-assist technology in China by the end of 2023 and in Europe by the end of 2024.

Why It Matters: XPeng has been witnessing steady growth in the EV market. In November 2023, the company set a new monthly delivery record of 20,041 vehicles, marking a 245% increase year-over-year.

However, the company’s stocks took a hit in December when Alibaba announced plans to sell off a significant portion of its shares in the company, coinciding with a downturn in the Hong Kong stock market.

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Photos courtesy: Xpeng