Chinese electric-car company XPeng unveiled a sleek competitor to the Tesla Model Y.
It wants the new G6 SUV to be "a dream car for the younger generation."
Volkswagen plans to invest $700 million in XPeng in exchange for a nearly 5% stake.
Chinese auto startup XPeng unveiled its fifth electric model in April at the Shanghai auto show — and it's shaping up to be a pain for Tesla and Elon Musk.
