Xpeng Inc., a Chinese electric car manufacturer, has reportedly priced its novel P5 sedan at a low starting price of 160,000 yuan ($24,694), only days after Tesla unveiled a less expensive version of the company’s Model Y sports utility vehicle.
According to reports, Xpeng's competitive pricing comes as the electric car industry of China continues to heat up, with a growing number of participants.
The P5 was introduced earlier this year as Xpeng's third production model and second sedan following the P7. The vehicle is available in six distinct models, each with its own set of amenities, and costs range from 160,000 to 230,000 yuan.
For the record, the Xpeng P7 costs 229,900 yuan, after subsidies. Meanwhile, the Model 3 begins at 250,900 yuan, in China.
The Guangzhou-based car manufacturer is using Lidar in the new P5 to improve some of its semi-automatic driving functions. Lidar employs laser beams to map out the area and calculate object distances to assist the car in detecting obstacles in its path.
Four of the six P5 variants are equipped with Xpeng-developed advanced driver-assistance system (ADAS) dubbed XPILOT and Lidar.
Xpeng is just one of the players in the electric vehicle industry of China, which spans from major auto manufacturers to up and coming start-ups.
Tesla, which has been struggling with its brand image in China for weeks, debuted a cheaper variant of its Model Y SUV with a shorter running range this month, with prices starting at 276,000 yuan, after subsidies.
During the second quarter of this year, Xpeng supplied 17,398 automobiles, a 439% growth year over year. The firm is anticipating that the P5 model would help it maintain sales growth in a new price range.
Recently, Xpeng also raised more than $1.8 billion by carrying out a so-called dual primary listing in the stock exchange of Hong Kong. For the uninitiated, the firm is already publicly traded on the New York Stock Exchange.