GUANGZHOU, China — Chinese language language electrical carmaker Xpeng Inc. has priced its new P5 sedan as little as 160,000 yuan ($24,694) days after Tesla launched a inexpensive mannequin of its Model Y sports activities actions utility vehicle

The aggressive pricing from Xpeng comes as China’s electrical vehicle market continues to heat up with an rising number of avid gamers.

The P5 — Xpeng’s third production model and second sedan after the P7 — was launched earlier this yr. There are six fully totally different variations of the automotive with fully totally different choices, and prices differ from 160,000 yuan to 230,000 yuan.

Xpeng’s P7 sedan begins from 229,900 yuan after subsidies. Tesla’s Model 3 begins from 250,900 yuan in China.

The Guangzhou-headquartered agency is using Lidar, or delicate detection and ranging experience, throughout the P5 to boost just a few of its semi-autonomous driving choices. Lidar makes use of laser beams to map out the encircling ambiance, and measure the hole of objects to help the automotive determine obstacles in its pathway.

4 out of the six P5 fashions come fitted with Lidar and Xpeng’s superior driver-assistance system (ADAS) known as XPILOT.

Xpeng is one in every of fairly just a few avid gamers in China’s electrical vehicle commerce which spans from established automakers via to start-ups.

Tesla, which has confronted weeks of bad press in China, launched a inexpensive mannequin of its Model Y SUV with a shorter driving differ this month, which begins at 276,000 yuan after subsidies.

Xpeng delivered 17,398 autos throughout the second quarter of the yr, a 439% improve year-over-year. The company shall be hoping the P5 might also assist it to proceed to develop product sales in a model new worth part.

This month, Xpeng, which is already listed in New York, carried out a so-called dual primary listing in Hong Kong and raised 14.02 billion Hong Kong {{dollars}} ($1.8 billion).