Xpeng's New Sedan Is Cheaper Than a Tesla
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As the production of electric vehicles (EVs) continues to grow, more auto manufacturers are joining the party. One of the newest competitors is Xpeng Inc., a Chinese electric car startup.
The company recently launched the P5 electric sedan, a major rival to the Tesla Model 3. Here are more details about the new P5 sedan and Xpeng’s sales performance so far. Tesla is always seeing more competition in the EV market
The Xpeng P5 sedan is cheaper than the Tesla Model 3
Tesla has its second-largest market in China, and they’ve been dealing with increased competition from local rivals such as Xpeng. The P5 price announcement comes at a time when Tesla is facing a lot of backlash in China.
The electric P5 debuted on April 14 in Guangzhou, China. Xpeng revealed that the P5 would be available from a starting price of about 160,000 yuan or $24,694, as reported by CNBC.
This undercuts the pricing for the Tesla Model 3 which starts at 250,900 yuan or about $38,723 after subsidies. The P5 announcement came days after Tesla introduced a cheaper version of the Model Y SUV that starts at 276,000 yuan.
What’s featured with the P5?
Tesla's Chinese EV rival Xpeng's P5 sedan has a starting price of 160,000 yuan ($24,694) https://t.co/RYJ1aqiApM— Intl. Business Times (@IBTimes) July 19, 2021
According to CNBC, The Xpeng P5 offers new self-driving features to help it stand out against its competitors. It’s equipped with lidar to help the P5 identify pedestrians, cyclists, and road works even in low-light conditions.
Out of the six P5 sedan models, four will come fitted with lidar technology and the XPILOT 3.5, an advanced driver assistance system. The XPILOT aims to compete with Tesla’s Autopilot as well as other rivals like Nio Pilot.
The P5 is Xpeng’s second sedan after the P7. Xpeng believes that the technology that it’s developed will give it an edge in the crowded EV market.
Xpeng hopes to grow its sales further
The automaker expects deliveries for the P5 to start from the third or fourth quarter this year. Last year, Xpeng sold 27,041 vehicles, more than doubling their deliveries from 2019. But, the Tesla Model 3 alone sold over 137,000 units last year.
In April, Tesla had to deal with quality issues such as battery fires and unintended acceleration. A woman launched a protest during the Shanghai auto show after reportedly receiving a Tesla vehicle with faulty brakes. This also tarnished the automaker’s reputation in China.
Xpeng believes that their focus on the Chinese market and Chinese road conditions will allow them to make tech that gives them an edge in the local market. Xinzhou Wu, vice president of autonomous driving at Xpeng, said that “I think we do have an edge as compared to Tesla in the China market.”
The price range for Xpeng’s new P5 will certainly make it compelling to consumers. No matter what car you own, you’ll still need proper car insurance coverage.
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