The first production vehicles of the P7+ rolled off the assembly line at Xpeng's Guangzhou production facility today, with the model set to be formally launched and begin deliveries in China in early November.
Xpeng (NYSE: XPEV) saw the first production vehicles of its new electric sedan, the P7+, roll off the assembly line at its Guangzhou production facility today, with deliveries planned for next month coming soon.
He Xiaopeng, chairman and CEO of the Chinese electric vehicle (EV) maker, announced the development on Weibo today, saying that the Xpeng P7+ has seen strong orders since it began pre-sales, and is now completing its mass production capacity ramp-up.
The Xpeng P7+ is being shipped to the company's stores across the country, Mr. He said, encouraging those interested to visit the stores to experience the model.
Xpeng introduced the P7+ to European consumers in Paris, France, on October 14, and announced that the model became available for pre-sales in China at a starting price of RMB 209,800 ($29,510).
As is customary for Chinese EV makers launching new models, the P7+'s price could be lowered even further when it goes on sale.
Chinese customers who pay a refundable RMB 99 to reserve the model now will receive a RMB 3,000 reduction when they pay for the car.
The P7+ will be formally launched and begin deliveries in China in early November, the Guangzhou-based EV maker said.
Hours after the model began accepting pre-orders, Xpeng announced on Weibo on October 14 that orders for the P7+ had topped 30,000 units just one hour and 48 minutes after the pre-sales began.
In a research note sent to investors on October 16, Deutsche Bank analyst Wang Bin's team said the P7+'s pre-sale price was largely in line with their expectations and was a reasonable price.
As the final official prices are usually lower than the pre-sale prices, the final price of the P7+ is expected to start at RMB 190,000, given Xpeng's track record in pricing arrangements, the team said.
The team expects the P7+ to sell an average of 6,000 units per month, which is largely in line with the market's expectation of 5,000-7,000 units per month.
($1 = RMB 7.1086)
Deutsche Bank expects Xpeng P7+ sales to average 6,000 units per month
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