Chinese electric vehicle maker Xpeng Inc. XPEV said it received more than 5,000 orders for its upcoming P5 sedan in just seven hours after the vehicle was available for pre-sale, cnEVpost reported Sunday.
Why It Matters: Xpeng revealed the pre-sale price for the P5 in a range of RMB 160,000 ($24,700) to RMB 230,000 after subsidies, as per the report. The company also said that 70% of those who pre-ordered the vehicle have opted for the Lidar-equipped model.
Xpeng has previously said that the P5 will be the world's first mass-produced smart EV equipped with automotive-grade LiDAR technology. The P5 is Xpeng’s third mass-produced electric vehicle model after the G3 SUV and the P7 sedan.
Four of the six versions of the new sedan will be fitted with lidar units, according to the South China Morning Post, with the delivery of the vehicles expected to start from October.
Why It Matters: Xpeng’s aggressive pricing of the P5 highlights the intense competition among automakers in China’s electric vehicle market, which is the world’s largest.
The move also comes after Tesla Inc. TSLA earlier this month began accepting pre-orders for a cheaper version of its locally built Model Y in China, which starts at 276,000 yuan after subsidies.
XPeng makes vehicles that everyone can drive as opposed to focusing on luxury offerings like Nio Inc. NIO and Li Auto Inc. LI, Xpeng vice chairman and president Brian Gu said on Benzinga’s YouTube show “PreMarket Prep” in June.
Price Action: Xpeng shares closed almost 1.4% higher in Friday’s trading at $39.03.
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Photo: Courtesy of Xpeng
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