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 automobile

The aggressive pricing from Xpeng comes as China’s electrical automobile market continues to warmth up with an growing variety of gamers.

The P5 — Xpeng’s third production model and second sedan after the P7 — was launched earlier this 12 months. There are six completely different variations of the automotive with completely 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 gentle 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 encompassing atmosphere, and measure the space of objects to assist the automotive decide obstacles in its pathway.

4 out of the six P5 fashions come fitted with Lidar and Xpeng’s superior driver-assistance system (ADAS) known as XPILOT.

Xpeng is one among a lot of gamers in China’s electrical automobile trade which spans from established automakers by way of to start-ups.

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Tesla, which has confronted weeks of bad 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 autos within the second quarter of the 12 months, a 439% enhance year-over-year. The corporate will likely be hoping the P5 can assist it to proceed to develop gross sales in a brand new worth section.

This month, Xpeng, which is already listed in New York, carried out a so-called dual primary listing in Hong Kong and raised 14.02 billion Hong Kong {dollars} ($1.8 billion).

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