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Chinese smart electric-vehicle start-up Xpeng has appointed former Great Wall Motor executive Wang Fengying as its president, as the Guangzhou-based premium carmaker sets its sights on China’s mass market amid rising preference for cheaper cars.
Tesla buyers are upset at the electric vehicle maker, saying they feel “cheated” and “taken advantage of” after being pressured to complete their purchases prior to huge discounts going into effect.
Tesla’s sales in China jumped nearly 80 per cent after the US carmaker slashed prices, but the discounts might not be enough to revive growth as rivals follow with price cuts of their own, analysts said.
EVs finally take off, ending Toyota's 28-year reign as most popular mid-size sedan.
The impact of Tesla’s heavy price cuts in China this month is being felt by some used-car dealers, who are being forced to cut their own prices to find buyers. But sales of second-hand Teslas are expected to grow with new price levels attracting more budget-conscious consumers.