XPeng Just Slashed EV Car Prices. Tesla Stock Is Rising Anyway.

The price war in China for electric vehicles is getting worse after

XPeng

introduced major price cuts in the world’s biggest EV market, following the example of its rival

Tesla

XPeng

(ticker: XPEV) lowered the sticker price on its G3i base models by 12.5%, or about $22,000, bowing to pressure after Tesla (TSLA) announced price cuts earlier this month. Other competitors, including

Mercedes-Benz

(MBG.Germany), have also recently slashed prices.

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