Xpeng Motors is increasing competition in China’s electric vehicle market with the new P5 sedan, which features improved autopilot and LIDAR sensor systems for autonomous driving on city roads. Besides advanced technologies, Xpeng is gaining market share with low prices.
Chinese electric vehicle manufacturer Xpeng Motors (XPEV) on Wednesday unveiled its new P5 sedan with an improved autopilot system with autonomous driving in urban environments.
This is the company’s third electric car, Xpeng also offers its customers the XPeng G3 SUV with a full charge range of up to 520 km and the XPeng P7 sedan with a maximum range of up to 706 km.
Xpeng did not disclose details of the P5’s and electric vehicle’s battery specifications, or pricing for the model based on spec. All this will be announced on April 19 at Auto Shanghai 2021. At the same time, according to media reports, the Xpeng P5 will have a cruising range of about 600 km.
That said, Xinzhou Wu, Xpeng’s vice president of autonomous driving, told CNBC on Wednesday that the price of the P5 will be lower than the P7. The Xpeng P5 is expected to start at $ 35,192, below the current Tesla Model 3 price in China.
Xpeng Motors, which entered the NYSE last August, is looking to ramp up production and capture a large share of China’s fast-growing electric vehicle market.
Amid deferred demand in 2020, economic recovery and government incentives and incentives for buyers, all EV makers in China, including larger rivals Xpeng Tesla (TSLA), Nio (NIO) and BYD, as well as smaller rival Li Auto (LI) reported strong growth in shipments in the first quarter of 2021.
There will be 1.9 million electric vehicles sold in China in 2021, up 51% from 2020, according to research firm Canalys.
To win back more buyers, Xpeng Motors is offering affordable prices and benefits in the form of an NGP autonomous driving system. In the article “NIO and XPeng reported deliveries for March and first quarter of 2021,” Marketinfo.pro wrote that the XPeng autopilot set a record for autonomous driving. The XPeng P7 covered 3,675 kilometers, 2,930 kilometers of which the electric car was driven only by the NGP autopilot; human driver intervention was required on average 0.71 times for every 100 kilometers.
New XPeng XPILOT 3.5 autopilot in P5 sedan
With regard to the Xpeng P5 electric sedan unveiled Wednesday, the company said it is equipped with XPILOT 3.5, “the most powerful autonomous driving system in a production car.”
“The new architecture includes 32 sensing sensors (including 2 LiDAR units, 12 ultrasonic sensors, 5 millimeter-wave radars and 13 high-resolution cameras) and 1 high-precision positioning unit (GNSS + IMU) integrated into a 360 ° fusion dual sensing system to provide sufficient perception for working in difficult road conditions. The P5 Dual Prism LiDAR units are capable of distinguishing between pedestrians, cyclists and scooters, static obstacles and road works in challenging scenarios such as night and low light conditions. ”Xpeng said in a press release.
Xpeng also said that the P5’s on-board computer is equipped with Xmart OS 3.0 using Qualcomm’s flagship Snapdragon SA8155P chip (QCOM), which provides more control with the in-car voice assistant.
Voice for Everything “supports full voice interaction”.
The Xpeng P5 has a panoramic roof, built-in refrigerator, and “the cabin can be reconfigured as a private full-size cinema for user enjoyment or put into sleep mode as a full-length sleeping compartment for maximum comfort,” the company said.
Xpeng vice president Xinzhou Wu said the P5 will hit buyers in China in the third or fourth quarter of this year. At the same time, Xpeng also plans to expand into its first international market – in Norway and Northern Europe, but the timing is still unknown.
Xpeng Motors shares are showing weak performance, despite the fact that the company’s shipments in the first quarter of 2021 rose 29% to 13,340 units from the previous fourth quarter and a 487% increase from the first quarter of last year.
Investors are assessing both the risks of competition and the risks of a global semiconductor shortage that has affected most of the major automakers, which have been forced to temporarily shut down factories. Nio suspended its factory for 5 days, and Xpeng executives did not report any supply problems.
Xpeng shares are up 65.4% in the past half year, but are down 23.2% since the beginning of 2021. Xpeng shares closed down 7.3% on Wednesday.