Tesla Challenger XPeng to Officially Launch the P5 Sedan, its 3rd Electric Model, on Sept 15
Chinese electric vehicle startup Xpeng will officially launch its third battery-powered model on Sept 15 named the P5. The P5 is the world's first production vehicle equipped with lidar technology from the factory to support autonomous driving.
The company first unveiled the P5 in April at the annual Auto Shanghai car show. Deliveries to customers will start in October.
Xpengs first model was the G3 SUV which debuted in Dec 2018. Xpeng followed up the G3 with the flagship P7 smart sedan in April 2020.
Both the P7 and G3 are now being shipped to Norway, the country with the world's highest EV adoption rate. It marks the first time XPeng exported its vehicles to overseas markets.
The new P5 is being marketed as a more "family friendly" sedan under its more expensive P7. Pre-sales of P5 began mid-July. Xpeng said the pre-sale this summer has already received enthusiastic responses from customers in China.
"The P5 brings a new level in sophistication and technological advancement for smart EVs," said He Xiaopeng, Chairman & CEO of Xpeng in April when the EV was unveiled. "Each new Xpeng model aims for a new high in technology, and the P5 is our most advanced and technically ambitious model yet."
Xpeng is the first automaker to add lidar technology to its vehicles during production. The lidar sensors will significantly improve the vehicle's high-precision object recognition, according to the company.
The P5's double-prism lidar sensors are capable of identifying pedestrians, cyclists or scooters, static obstacles, and construction zones, even at night or in low-light conditions, such as when traveling in a tunnel.
"Introducing lidar technology into production vehicles is a breakthrough in popularizing autonomous driving, and an endorsement of our in-house R&D process. Our customers will benefit from this premium advanced technology, which makes autonomous driving more driver-friendly, safe and effective," said He Xiaopeng during a presentation at Auto Guangzhou last year.
Xpeng is targeting younger, more tech savvy buyers in China with its electric vehicles. All of the company's models offer the same level of advanced technology as Tesla vehicles, including autonomous driving capability and automated parking features, for around half the price of a Tesla model in China.
The P5 is priced from RMB160,000 to 230,000 ($24,828 - $35,690) post subsidies.
With its more affordable electric vehicles, XPeng continues to post record sales. Xpeng's growing sales in China have resulted in increased competition for Tesla.
As of Aug 31, XPeng's year-to-date deliveries surged 334% year-on-year to 45,992 vehicles. As a result, Xpeng predicts its Q3 deliveries are likely to reach 21,500 to 22,500 vehicles. To reach that goal, Xpeng's sales this month are expected to range from 6,246 to 7,246 vehicles.
As a result, the automaker plans to double its manufacturing capacity as it takes on segment leader Tesla and others in the world's biggest auto market with its smart, connected vehicles.
In August, Xpeng signed an agreement with the Zhaoqing Municipal Government and the Zhaoqing High Technology Industry Development Zone to expand its factory located in Guangdong Province.
The new plant will double Xpeng's annual vehicle production capacity from 100,000 to 200,000 electric vehicles.
XPeng is a publicly traded company in the U.S. The company launched its IPO in Aug 2020. The automaker's shares trade on the New York Stock Exchange under the symbol "XPEV."
The P5 launch event will be broadcast at 07:30pm Beijing time on Sept 15.
The launch event can be watched at the following link: https://events.xiaopeng.com/y5j471.html?ch=00032&ps=app
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