Chinese-based XPeng released the pricing of their new P5 Sedan days after Tesla released a cheaper version of the Model Y. The P5 pricing comes in at ¥160,000 ($31,400 CAD) and significantly undercuts Tesla in the already competitive Chinese market.
The cheaper Tesla Model Y, which has a shorter driving range, starts at ¥276,000 ($54,200 CAD). While the Tesla Model 3 starts at ¥250,900 ($49,300 CAD) in China.
The P5 is XPeng’s third EV and will have six different versions of the vehicle. Prices range from ¥160,000 to ¥230,000.
The base vehicle does not come with many bells and whistles, but four models come outfitted with semi-autonomous driving abilities. To make that happen, the company used Lidar, and the companies own advanced driver-assistance system called XPILOT.
XPeng delivered over 17,000 vehicles in the second quarter of the year. As the automaker continues to fine-tune production, the 439% year-over-year increase is nothing short of spectacular. The company hopes that the P5 can keep the momentum going at a new price segment in the market.
Earlier this month, XPeng carried out a dual primary listing in Hong Kong. The venture allowed the company to raise $1.8 billion USD to assist with production and design costs.