Chinese electric vehicle startup Xpeng Inc – ADR XPEV will soon launch its third model, expanding its product pipeline.
What Happened: XPeng teased via a series of tweets a new sedan model that is in the offing, although few details were shared.
XPeng's third production model is set for mass production in 2021, the company told Benzinga in an email.
"The only thing we can share now is that it will be equipped with lidar. Other details will have to wait," an XPeng spokesperson said.
XPeng revealed at the Guangzhou Auto Show in late November that it will unveil the first production car with lidar technology in 2021. Automotive lidar or light image, detection and ranging, is a technology that uses sensors to emit invisible laser lights to scan and detect objects in the vicinity and create a 3D image of the surroundings on the display screen.
The vehicle appears more compact than XPeng's P7 sedan, and therefore could be less expensive, which than the P7's starting price of 229,900 yuan ($35,550) after subsidies, a cnTech Post report said.
Why It's Important: The Chinese EV market is touted a lucrative opportunity, allowing multiple players to operate profitably. Homebred competitors such as XPeng, Nio Inc – ADR NIO, BYD, Li Auto Inc. LI and U.S. EV giant Tesla Inc TSLA are all vying for a piece of this market.
Nio is expected to launch its first-ever sedan at the Nio Day event scheduled for this weekend.
Separately, XPeng is expected to hold a Navigation Guided Pilot beta experience event Jan. 11 that will be open to select users and media, cnTech Post reported.
XPEV Price Action: At last check, XPeng shares were advancing 6.03% to $43.70 Thursday.
Photo courtesy of XPeng.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.