(Yicai) Feb. 19 -- Xpeng and Geely Automobile Holdings said competition will be particularly brutal this year as the two Chinese carmakers outlined their plans in internal memos yesterday.

He Xiaopeng, Xpeng’s founder and chief executive officer, said 2024 may be the “first knockout round” for Chinese automakers amid fierce market competition, while Geely CEO Gan Jiayue said it will be another year of fierce rivalry in terms of prices, products, and services.

He said Xpeng, a new energy vehicle maker, will launch its first model on platforms priced around CNY300,000 (USD42,000) and CNY150,000 (USD20,840), respectively, this year. It also plans to introduce or update about 30 models over the next three years, he said.

The Guangzhou-based company plans to hire about 4,000 people over the 12 months, and spend CNY3.5 billion (USD486 million) on researching and developing artificial intelligence technologies, He said. Xpeng also aims to expand its presence in key markets such as Europe, Southeast Asia, the Middle East, Latin America, and Oceania, he added.

“This year marks the 10th year for Xpeng, and we aim to more than double our performance,” He said. “We need to address all organizational shortcomings and embark on the path of high-quality operation.”

Geely’s Gan said that this year the Hangzhou-based automaker will launch three NEVs, and its Galaxy brand will continue to focus on NEVs priced at between CNY100,000 and CNY200,000 (USD13,900 and USD27,800). The firm will also continue its research into methanol, autonomous driving, and AI.

Editor: Tom Litting