Chinese electric vehicle manufacturer XPeng Inc (NYSE:XPEV) recently revealed its third vehicle model, the P5 sedan.
The car is unique, as it's the first production car with built-in lidar, Brian Gu, XPeng's vice chairman and president of XPeng, said on Benzinga's YouTube show "PreMarket Prep" Tuesday.
The company uses cameras as its primary sensors, but lidar offers additional sensor capabilities, Gu told Benzinga.
The small cabin design is actually rather spacious, he said, adding that it will include features for specific functions such as movie theater mode, breakfast mode and sleeping/camping mode.
XPeng plans to offer the vehicle at an attractive price and begin deliveries in the fourth quarter, Gu said.
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Gu On XPeng's Competition: The company is focused on placing the best technology into its vehicles, which Gu says differentiates XPeng from its competitors.
Tesla Inc (NASDAQ:TSLA) is probably the company's closest competitor in terms of technology and price, he said.
In terms of full-self-driving vehicles, companies will face the challenge of changing consumer demand as well as deploying technology that meets safety standards, Gu said.
Full-self-driving vehicles are still five to 10 years away, in the XPeng exec's view.
XPeng aims to capture the Chinese market first, followed by the European market, he said, adding that its expansion to the U.S. will follow those efforts.
XPEV Price Action: XPeng has traded as high as $74.49 and as low as $17.11 since its IPO in August 2020.
The stock was up 1.82% at $38.93 at last check Wednesday.