XPeng launches P5 in China starting around $24,500 with plans for a European version by @scooterdoll
Chinese EV automaker XPeng Motors has officially launched its new P5 sedan in China, ahead of deliveries in October. With the P5, XPeng looks to enter one of the largest vehicle segments in China currently dominated by ICE competitors, and introduce a technologically advanced EV that is competitively priced. From what XPeng has now shared, the P5 has the advanced features and affordable pricing to find success in multiple markets.
Xiaopeng Motors, aka XPeng ($XPEV), is a Chinese EV manufacturer founded in 2014 headquartered in Guangzhou. Last year, the company went public on the New York Stock Exchange (NYSE), raising $1.5 billion.
Since beginning production of its flagship EV, the G3 SUV at the end of 2018, XPeng Motors has only launched one other vehicle – the P7 sedan in 2019. The P7 found success in China, and has even began making its way to the European market beginning in Norway.
Last April, XPeng Motors announced a third EV to its lineup – a family sedan called the P5. In July, alongside the news of very aggressive pricing, XPeng began taking pre-orders for the P5.
At the time, XPeng claimed the new P5 would start at a price around RMB 160,000 ($24,650), significantly lower than competitor Tesla’s Model 3, which starts at RMB 250,900 ($38,650) in China.
With the official launch of the P5 in China today ahead of deliveries next month, we now know even more features to expect and have the official pricing for each trim.
Alongside a press event held in China today, XPeng offered a press release sharing details of its new electric sedan, including pricing, range, and advanced driver assistance systems including LiDAR.
With the launch of its third EV, the automaker looks to capture a chunk of the family sedan segment in China, one of the largest markets in the country currently dominated by ICE vehicles like the Toyota Camry and Honda Accord.
To help sway customers toward a zero emissions future, XPeng has developed an EV equipped with many of the advanced safety and infotainment features present on higher-end vehicles, at a price point competitive to the rest of the family sedan segment. He Xiaopeng, Chairman & CEO of XPeng commented:
With the P5, we have delivered a new level in sophistication and technological advancement for smart EVs in China, at a competitive price point. We believe this is an age of intelligence, and that intelligence will redefine mobility as a whole. Now we have made the best-in-class smart family sedan available at the RMB 200,000 price range, bringing some of the most advanced driver assistance functionality to China’s vast and fast-growing middle-class consumer base.