Xpeng P5 price starts at $24,700 undercutting Tesla Model 3 in China

Xpeng Motors launches the P5 sedan at an occasion in Guangzhou, China on April 14, 2021. The P5 is Xpeng’s 3rd creation model and options so-called Lidar technology.

Arjun Kharpal | CNBC

GUANGZHOU, China — Chinese electric powered carmaker Xpeng Inc. has priced its new P5 sedan as low as 160,000 yuan ($24,694) days just after Tesla released a much less expensive version of its Design Y athletics utility auto

The intense pricing from Xpeng comes as China’s electric car current market continues to warmth up with an raising number of players.

The P5 — Xpeng’s third creation model and next sedan after the P7 — was introduced earlier this calendar year. There are 6 unique versions of the motor vehicle with distinctive features, and selling prices selection from 160,000 yuan to 230,000 yuan.

Xpeng’s P7 sedan begins from 229,900 yuan immediately after subsidies. Tesla’s Product 3 begins from 250,900 yuan in China.

The Guangzhou-headquartered company is working with Lidar, or light detection and ranging know-how, in the P5 to raise some of its semi-autonomous driving characteristics. Lidar works by using laser beams to map out the surrounding setting, and measure the distance of objects to help the motor vehicle decide obstructions in its pathway.

Four out of the six P5 types come equipped with Lidar and Xpeng’s advanced driver-assistance method (ADAS) termed XPILOT.

Xpeng is a single of a amount of gamers in China’s electrical automobile business which spans from founded automakers as a result of to start off-ups.

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Tesla, which has faced months of lousy press in China, released a much less expensive variation of its Product Y SUV with a shorter driving vary this thirty day period, which begins at 276,000 yuan just after subsidies.

Xpeng sent 17,398 vehicles in the next quarter of the year, a 439% enhance year-in excess of-yr. The business will be hoping the P5 can help it to continue on to increase revenue in a new value section.

This thirty day period, Xpeng, which is presently shown in New York, carried out a so-known as dual principal listing in Hong Kong and lifted 14.02 billion Hong Kong dollars ($1.8 billion).