06:20 AM EDT, 03/18/2024 (MT Newswires) -- Xpeng ( XPEV ) has announced plans to launch a line of cheaper electrical vehicles under a different brand name, media outlets reported Saturday.

The Chinese carmaker said it would launch the brand within the next month, with models priced from 100,000 renminbi ($13,892) to 150,000 renminbi, Chief Executive He Xiaopeng said at an industry event, according to the reports.

Xpeng ( XPEV ) did not name the brand but said it is dedicated to creating "the first AI-assisted driving car for young people," Reuters reported.

Xpeng ( XPEV ) did not immediately respond to a request for comment from MT Newswires.

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