Xpeng Motors launches the P5 sedan at an occasion in Guangzhou, China on April 14, 2021. The P5 is Xpeng’s third manufacturing mannequin and options so-called Lidar expertise.
Arjun Kharpal | CNBC
GUANGZHOU, China — Chinese language electrical carmaker Xpeng Inc. has priced its new P5 sedan as little as 160,000 yuan ($24,694) days after Tesla launched a less expensive model of its Mannequin Y sports activities utility car
The aggressive pricing from Xpeng comes as China’s electrical car market continues to warmth up with an growing variety of gamers.
The P5 — Xpeng’s third manufacturing mannequin and second sedan after the P7 — was launched earlier this 12 months. There are six totally different variations of the automobile with totally different options, and costs vary from 160,000 yuan to 230,000 yuan.
Xpeng’s P7 sedan begins from 229,900 yuan after subsidies. Tesla’s Mannequin 3 begins from 250,900 yuan in China.
The Guangzhou-headquartered firm is utilizing Lidar, or mild detection and ranging expertise, within the P5 to spice up a few of its semi-autonomous driving options. Lidar makes use of laser beams to map out the encircling surroundings, and measure the space of objects to assist the automobile decide obstacles in its pathway.
4 out of the six P5 fashions come fitted with Lidar and Xpeng’s superior driver-assistance system (ADAS) referred to as XPILOT.
Xpeng is considered one of quite a few gamers in China’s electrical car trade which spans from established automakers by way of to start-ups.
Tesla, which has confronted weeks of dangerous press in China, launched a less expensive model of its Mannequin Y SUV with a shorter driving vary this month, which begins at 276,000 yuan after subsidies.
Xpeng delivered 17,398 automobiles within the second quarter of the 12 months, a 439% enhance year-over-year. The corporate might be hoping the P5 will help it to proceed to develop gross sales in a brand new worth phase.
This month, Xpeng, which is already listed in New York, carried out a so-called twin major itemizing in Hong Kong and raised 14.02 billion Hong Kong {dollars} ($1.8 billion).