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Chinese electric vehicle maker Xpeng Inc – ADR (NYSE:XPEV) will likely launch a new version of its P7 sedan as soon as next week.
What Happened: Xpeng's new P7 with lithium iron phosphate battery will be released on March 3, according to a report in a China-based media outlet that quoted company insiders.
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P7 is Xpeng's super-long-range smart sedan and has a post-subsidy base price of 229,900 yuan (roughly $35,500).
This new version will have a range of 480 kilometers, the report said, while the current version has a maximum NEDC range of 706 kilometers.
Why It Matters: Most EV makers are now shifting to lithium iron phosphate, or LFP, batteries given the supply constraints plaguing the widely-used nickel. LFPs are cheaper but usually result in lower range. Tesla Inc (NASDAQ:TSLA) uses LFP batteries for its Model 3 cars manufactured at its Giga Shanghai factory.
Xpeng focuses on the low- to mid-end of the market. A move toward LFP batteries is likely to improve the price competitiveness of its cars.
A Xpeng spokesperson declined to comment on the report when contacted by Benzinga.
Price Action: Xpeng shares closed the week down 14% at $34.11.
Photo courtesy Xpeng.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.