(CapitalWatch, Sept. 15, New York) The XPeng P5 affordable smart sedan was launched in China on Wednesday, marking the third electric vehicle from XPeng Inc. (NYSE: XPEV; HKEX: 9868) on the market.
Priced in the range of $24,500 to $34,700, the P5 is seen as a competitive option next to Tesla's Model 3, sold for $38,650 in China. The model features auto-grade LiDAR technology, an advanced driver assistance hardware system with 32 perception sensors, 12 ultrasonic radars, 5 millimeter-wave radars, 13 high-definition cameras, a high-precision positioning unit, and a valet parking assist with memory, among others, as XPeng listed in a press release today.
The company also highlighted the P5's space reconfiguring that allows to reshape the interior into "a private full-width movie theater with XPeng Advanced Surround Sound System (8 speakers), a projection screen; or put into sleep mode as a full-length private sleeping compartment." It also has a heat pump air-conditioner and built-in fridge.
The top-notch versions of P5 are also equipped with a high-energy density battery of 180Wh/kg; the batteries are waterproof and are safeguarded with heat-spread prevention.
In April, XPeng began taking pre-orders for the sedan, and the model will begin deliveries in late October, according to the report. In an interview to Yahoo! Finance, published Wednesday, XPeng's vice chairman and president, Brian Gu, said the pre-orders have already indicated the consumers' strong interest for the P5. Comparing it to the launch of XPeng's flagship P7, Gu said "it's multiple fold increase."
Gu also reiterated the outlook for the fourth quarter. "We anticipate our fourth quarter, upon the launch official delivery of this P5, will hit monthly delivery peak around 15,000 per month. That would be more than doubling of our August monthly delivery numbers," he stated.
Further, Gu commented on China's call for consolidation in the EV industry. He said he believes the call is for the rationalization and optimization of the plants capacity, while XPeng has no capacity constraint at the moment. Now building its second and third plants in Guangzhou and Wuhan, XPeng may in the future consider acquisition of existing factories as "one of the tools that we can use if we need much bigger capacity given our growth trajectory," Gu said.
On a side note, Gu also said in the interview that XPeng is developing a flying car. The launch of this product, however, is still two-to-three years away, he added.
In August, XPeng celebrated another month of record deliveries. The company sold 7,214 vehicles last month, a 172% increase year-over-year. So far, XPeng has delivered 45,992 total vehicles in 2021, a 334% increase from a year ago.
The stock in XPeng closed 1% lower on Wednesday in New York, at $38.10 per share.