watch nowChinese electric vehicle company Xpeng told CNBC on Friday that its newly launched X9 model could be a "game changer" for the industry. Xpeng launched the X9 large 7-seater EV on Jan. 1, a car built on its SEPA2.0 architecture for the Chinese market. Xpeng's new launch comes as several domestic EV players such as Nio , Huawei and Zeekr recently revealed new electric vehicles. Stiff competitionCompetition is intensifying in the Chinese EV market, with BYD, Li Auto and Geely among the small number of players that have hit their annual sales targets. Gu is optimistic on China's EV market in 2024 despite challenges, saying that "2024 will be a very competitive year" with new model and brand launches.

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Persons: Xpeng, Brian Gu, Emily Tan, Gu, Zeekr, Xpeng Xpeng, Guangdong Huitian, Li Auto, Vincent Sun, Xpeng Nio, Li, BYD, Tesla, TrendForce Organizations: CNBC, Jan, EV, Huawei, Guangdong Huitian, Li Auto Locations: China, Europe, Guangdong, U.S