The price competition in China for electric vehicles is intensifying after


XPeng


introduced major price cuts on the planet’s biggest EV market, following the instance of its rival


Tesla

XPeng


(ticker: XPEV) lowered the sticker 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.