Xpeng Cuts Prices on G6 SUV to Maintain Sales Momentum in Crowded Chinese EV Market\n\nChinese electric-vehicle (EV) maker Xpeng has announced a 5% price cut on its bestselling G6 sport-utility vehicle (SUV) in an effort to maintain strong sales in the highly competitive Chinese EV market. This move comes as the market becomes increasingly crowded with over 200 players, putting pressure on EV makers to address concerns of overcapacity and stem losses.\n\nThe Guangzhou-based company has lowered the starting price of the G6 by 10,000 yuan (US$1,400) to 199,900 yuan, effective until the end of this month. This follows a similar campaign by BYD, the world’s largest EV maker, which offered discounts of up to 20,000 yuan on its Han-branded EV sedan and at least 5,000 yuan on its Dynasty series EVs.\n\nXpeng’s price reduction is seen as a strategic move to attract customers in a market where competition is intensifying. New players like Xiaomi and Baidu are offering smart EVs to lure wealthy motorists away from established players like Xpeng, BYD, and Nio. This has prompted EV makers to innovate and adapt in order to stay ahead in this rapidly growing industry.\n\nXpeng has seen impressive sales volume with the G6 SUV, which was launched in July and has been a major contributor to the company’s all-time high sales of 20,041 units in November. The G6 is equipped with Xpeng’s Navigation Guided Pilot (X NGP) software, which allows for limited autonomous driving in major Chinese cities. This feature, similar to Tesla’s Full Self-Driving (FSD) system, has not yet been approved by Chinese authorities and is not available on Tesla vehicles sold in the country.\n\n The Chinese EV market is on track to meet its ambitious sales target, with a record 940,000 units delivered in November and a 35% year-on-year increase in wholesale deliveries through the first 11 months of the year. The China Passenger Car Association (CPCA) forecasts a total of 8.5 million pure electric and plug-in hybrid cars to be delivered in 2024, a 31.1% increase from last year.\n\nIn a Xpeng’s price reduction on the G6 SUV is a strategic move to maintain its strong sales momentum in a highly competitive Chinese EV market.

Comparing Tesla and Nvidia\n\nThe market rally in 2023 has been fueled by the success of artificial intelligence (AI) stocks, with many companies seeing significant gains. Among these, Tesla and Nvidia stand out as top performers. \n\nAccording to Fool.com contributor Parkev Tatevosian, both Tesla and Nvidia have strong potential for growth in the AI industry. When comparing the two, Tatevosian believes that Nvidia may be the better option for investors looking to prepare their portfolios for 2024.\n\nWhile Tesla has made significant strides in the AI space, with its self-driving technology and advanced AI chips, Tatevosian points out that Nvidia has a more established track record in the industry. The company's GPUs have been widely adopted for AI applications, and its recent acquisition of Arm Holdings further solidifies its position as a leader in the field.\n\nThe Motley Fool Stock Advisor analyst team, for example, has identified 10 stocks that they believe have the potential for monster returns in the coming years. While Nvidia didn't make the cut, the service has a proven track record of success and provides investors with a blueprint for building a successful portfolio.\n\nIt's worth noting that Tatevosian, who is an affiliate of The Motley Fool, may be compensated for promoting its services. His opinions remain unbiased and unaffected by the company.\n\nWhile Tesla and Nvidia have both seen impressive results through their AI initiatives, experts say that the market leaders' journey in this space has only just begun. In 2023, multiple companies rolled out new AI chips, large language models, and applications, setting the stage for continued growth in the industry.\n\nOne notable winner in the AI explosion is Cathie Wood, founder of Ark Invest. Her ETFs have been heavily invested in high-flying AI stocks, making her a big winner in 2023. \n\nNvidia, not surprisingly, ranks as Wood's best performer in 2023, with shares up close to 230%. Wood has reduced Ark Invest's stake in the company, citing its high valuation. Nvidia remains a top holding in Ark's Autonomous Technology & Robotics ETF, Next Generation Internet ETF, and Fintech Innovation ETF.\n\nMeta Platforms, formerly known as Facebook, is another AI leader that has seen significant gains in 2023. Its shares have soared 190%, making it the company's best performance ever. While not a major holding for Ark Invest, Meta's open-source AI strategy and improving profitability make it a promising long-term investment."