Today, XPeng Motors launched its battery rental plan pilot project in some cities.

Under the battery rental plan, “battery” and “body” can be separately financed, and after separation, the down payment ratio is further reduced, which is similar to NIO’s recently released BaaS financing plan.

The difference is that XPeng only offers one invoice, and after paying 84 installments (7 years) of fees, the battery belongs to the buyer.

There are two versions of the battery rental plan: “Tasting” and “Standard”.

The Standard version of the battery rental plan can reduce the price of P7 and G3 by 75,000 yuan and 60,000 yuan respectively. For P7, each of the 84 installments will cost 980 yuan (the same as NIO), and for G3, each of the 84 installments will cost 780 yuan.

A simple calculation shows that, P7 84 installments x 980 yuan is equivalent to spending 82,320 yuan on the battery. This is only 7320 yuan more expensive than a one-time purchase, with an annualized interest rate of less than 2%, which is very cost-effective.

As for the Tasting version of the battery rental plan, the price of the P7 and G3 has been reduced by 60,000 yuan and 43,000 yuan respectively. For P7, each of the 84 installments will cost 780 yuan, and for G3, each of the 84 installments will cost 580 yuan.

Regarding the two words “non-standard range” and “range upgrade” that people may not understand in the two tables, all battery packs that support battery rental are the same, but XPeng locks a portion of the battery capacity through software restriction. Therefore, the range of these “non-standard range” vehicles will be lower than that of other versions. As for specific details, XPeng’s friends recommend consulting a product specialist at the XPeng experience center.

Because it is achieved through software restrictions, users who choose the “Tasting” version can still “upgrade the range” by paying more later.

In addition, since XPeng cannot achieve true separation of the car and the battery, XPeng’s purchase invoice is still a single invoice, and the invoiced amount is the suggested retail price, and the insurance is also calculated based on the suggested retail price.

Overall, XPeng’s battery rental plan is actually a new financing lease plan, but the down payment ratio is further reduced and the interest rate is very cost-effective.

However, it should be noted that the pilot cities for the battery rental plan are Beijing, Shanghai, Guangzhou, Shenzhen, Hangzhou, Tianjin, Wuxi, Ningbo, Foshan, Dongguan, Wuhan and Chengdu, and the subsequent opening plan depends on the actual situation.

Are you interested in XPeng’s battery rental plan?

This article is a translation by ChatGPT of a Chinese report from 42HOW. If you have any questions about it, please email bd@42how.com.