Tesla Challenger XPeng Celebrates the Production of its 100,000th Electric Vehicle
Chinese automaker XPeng, which is emerging as one of the country's top electric vehicle startups and a strong challenger to Tesla in the world's biggest auto market, has reached a major milestone. The company celebrated the production of its 100,000th electric vehicle on Monday, Chinese news outlet Gasgoo reported.
The 100,000th vehicle was a P7 sedan. It rolled off the assembly line at XPeng's wholly-owned Zhaoqing Smart EV Manufacturing Base. The electric automaker broke ground on the second phase of its Zhaoqing plant on Aug 18, which will eventually help XPeng's to double its manufacturing capacity.
Upon completion, the phase two expansion project will increase Xpeng's annual production capacity from 100,000 to 200,000 units as demand for its electric vehicles grows.
Among the 100,000 vehicles produced by Xpeng, the majority are the company's P7 smart sedans. Monthly deliveries of the P7 reached 7,512 vehicles in September.
XPeng reported its highest ever monthly deliveries last month. The company reported deliveries of 10,412 electric vehicles in September, representing a 199% increase year-over-year, and a 44% increase from August.
The P7smart sedan was Xpeng's second vehicle, following the G3 SUV which launched in 2019. XPeng unveiled the P7 in April 2020 and started deliveries two months later in June.
In China, the XPeng P7 costs less than half the price of a Tesla Model S. Xpeng says it's offering the same level of technology, connectivity features and performance in the P7 for around $50,000 less than Tesla's flagship sedan, including autonomous driving cababilities.
XPeng's P7 also achieves an NEDC Range of 439 Miles, the longest of all EVs sold in China. The car features an all-wheel-drive setup with dual electric motors.
In August, XPeng began shipping its P7 to Norway, a country with the world's highest EV adoption rate. XPeng's entry into Europe will give rival Tesla some new competition in Norway as well.
XPeng's G3 SUV has been on sale in Norway since last year. The vehicle shipments to Norway mark XPeng's first EV exports outside of China.
On Sept 15, XPeng unveiled its latest vehicle named the P5. The more affordable, full-electric P5 fastback will compete with models like the Tesla Model 3 in China. The P5 is also the world's first production vehicle equipped with automotive-grade lidar technology to support autonomous driving.
The P5 is now available to purchase in six different configurations. The retail price ranges from RMB 157,900 to RMB 223,900 (US$24,484 to $34,717).
Xpeng's domestic rival NIO Inc. also reached the 100,000 vehicle mark in 2021, hitting that milestone in April.
Both XPeng and NIO are publicly traded companies in the U.S. and are hoping to cash on strong investor interest in EV stocks which helped make Tesla the world's most valuable automaker by far, with a market cap topping 775 billion.
NIO launched its U.S. IPO in 2018. Its stock is listed on the New York Stock Exchange (NYSE). While Xpeng launched its U.S. IPO in Aug 2020. Its stock also trades on the NYSE under the symbol "XPEV."
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