Chinese automaker Xpeng shares dropped 3.5% in premarket trading after the company cut prices on some models starting Tuesday.
Xpeng on Tuesday announced price cuts for some models in the country in a notice on its official WeChat account.
The move came after automaker Seres Group cut starting prices for its Aito electric cars by 30,000 yuan ($4,440) last Friday, following earlier price cuts by Tesla and fuelling expectations of a wider price war.
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