China-based automaker Xpeng Motors launched the P5 sedan on Wednesday, an electric vehicle (EV) sporting self-driving features, according to CNBC. The P5 is Xpeng’s third production model and is expected to be a direct competitor with Tesla’s Model 3 sedan.
Xpeng’s P5 is equipped with LiDAR technology, a laser-based road sensing system that will allow the company to debut its self-driving capabilities.
The company plans to release full pricing for the new P5 model at the Shanghai Auto Show on April 19. In an interview, however, Xpeng Vice President of Autonomous Driving Xinzhou Wu told the press that the company plans to price the P5 lower than the P7.
XPeng's new LiDAR-equipped P5 is a game changer for smart EVs, with a new level of tech sophistication, superior user experience and compelling value: https://t.co/0oBHswcay2. #AutonomousDriving #ElectricCars #Lidar pic.twitter.com/QomDNK5WLr
— XPENG (@XPengMotors) April 14, 2021
Wu said, “At this price range with the features we put in the car, I think it will be quite compelling for our customers.”
The Xpeng P7 is set to start from 229,900 yuan ($35,192 USD) after state subsidies. This is compared to the Tesla Model 3 which starts out at 249,900 yuan ($38,189 USD) within the country.
In early March, Xpeng also released a cheaper lithium iron phosphate (LFP) battery variant for its P7 sedan.
Prior to the release of the P5, Xpeng also received a $76 million investment from the Chinese government. In the first quarter, Xpeng broke sales records, with a total of 13,340 units delivered within the period.
It’s worth noting Tesla CEO Elon Musk previously acknowledged Xpeng has stolen code for an older version of Autopilot software.
Alongside rivaling Tesla, Xpeng also takes on fellow Chinese automakers like Li Auto, BYD, and NIO, among others.
