American depositary receipts (ADRs) of XPeng Inc. (XPEV) rose Monday after the Chinese electric vehic🌜le (EV) manufacturer announced it would be launching a lower-priced brand as it facꦅes stiff competition in China.

According to reports, CEO He Xiaopeng told an industry conference in China over the weekend the company would be launching the so-far-unnamed brand targeted to the mass market within the next month. Prices for the EVs would range from 100,000 yuan ($13,893) to 150,000 yuan ($20,839). XPeng’s current models cost between CNY200,000 ($27,785) and CNY300,000 ($41,678).

Earlier this month, Tesla Inc. (TSLA) announced 澳洲幸运5ꦉ官方开奖结果体彩网:new incentives for some models in China to boost demand as the company works to compete with Chinese EV makers like BYD Co. (BYDDY).

The new XPeng models would be for both Chinese and international consumers. He is quoted as sayi🧜ng the lower price “has great market potential.” 

Separately, XPeng is said to have plans to introduce an 澳洲幸运5官方开奖结果体彩网:artificial intelligence (AI) vehicle to its lineup. The cಌompany also reportedly will spend CNY3.5 billion ($486 million) on AI research and development, as well as hire 4,000 mor⛦e workers this year. 

ADRs of XPeng were up 2% at $9.85 as of 12:20 p.m. ET Monday but have lost nearly 30% of their value so far this year.