Chinese electric vehicle maker XPeng Inc. (NYSE:XPEV) lifted the curtains on its third mass-produced sedan model, named P5, on Wednesday.

What Happened: At a press conference in Guangzhou, XPeng announced the XPeng 5, positioning it as a family-friendly model offering compelling value. The P5 will be the world's first production smart EV equipped with automotive-grade LiDAR technology, according to the company.

XPeng's P5 Specs: The P5 will come with XPeng's proprietary next-gen XPILOT 3.5 autonomous driver assistance system that includes Navigation Guided Pilot capabilities to city roads.

The new vehicle model will be powered by the company's latest Xmart OS 3.0 that allows smart interaction. It supports full-scenario all-voice interaction, answering complex needs of driver-vehicle and passenger-vehicle interaction. The Xmart OS 3.0 also allows vehicle-to-home connection for maximum convenience.

"Our homegrown technology, distinctive design language and user experience philosophy, all reflect XPeng's drive to grow from its Chinese roots to realize its global vision of leading the world's Smart EV market," said He Xiaopeng, Chairman & CEO of XPeng.

Related Link: XPeng To Launch Third EV Model April 14; P7 Wing Deliveries Begin

The P5 will deploy QUALCOMM Incorporated (NASDAQ:QCOM) Snapdragon flagship SA8155P auto-grade computing platform. The chip is three times more powerful than the previous generation and ensures seamless user control and interaction to assist, inform, and entertain driver and passengers, the company said.

The instrument console, according to the company, includes a 15.6-inch large-size screen with all essential information and controls.
The company also promoted the vehicle as a spacious model. Extra touches such as a built-in fridge, and air freshness and fragrance control, further enhance the P5's role as a mobile extension of our users' home or desk, the company said.

The exterior aerodynamic profile is complemented by a neat fastback with an unobtrusive ducktail. The X-shaped headlights and taillights echo the XPeng logo, the company said.

What's Next: XPeng said the P5 will be featured at Auto Shanghai 2021 on April 19. The company also said it will give more details regarding specifications, performance, pricing and availability at the event.

XPeng shares were up 1.24% to $35.90 in premarket trading.