Chinese electric vehicle maker Xpeng is launching a cheaper EV brand to compete in the fierce China price competition. The company forecasts first-quarter revenue below market expectations due to economic challenges and competition. Despite better-than-expected quarterly earnings, Xpeng expects a significant drop in Q1'24 sales compared to the previous quarter. Xpeng's stock rises as margin improvement helps fuel earnings beat, and the company narrows its losses while accelerating revenue growth.