Xpeng began pre-sales of the P7+ on October 14 at a starting price of RMB 209,800 ($29,450) and received more than 30,000 pre-orders in the first 1 hour and 48 minutes.
Xpeng (NYSE: XPEV) will formally launch the new electric sedan P7+ on November 7, with a launch event set to begin at 7:30 pm Beijing time, it announced today.
The launch event will be held in Guangzhou at the South China University of Technology, which is also the university where Xpeng's chairman and CEO He Xiaopeng graduated.
A day before the official launch of the P7+, Xpeng will hold an AI Tech Day event at the university, which will begin at 2:30 pm Beijing time on the same day. Xpeng announced earlier this month that it had upgraded its previous 1024 Tech Day to Xpeng AI Tech Day.
Guangzhou-based 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 ($29,450).
As is customary for Chinese EV makers launching new models, the P7+'s price will likely be lowered when it goes on sale.
Hours after the model began accepting pre-orders, Xpeng announced on Weibo on October 14 that pre-orders for the P7+ had surpassed 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.
Since the final official price is usually lower than the pre-sale price, the final price is expected to start at RMB 190,000, given Xpeng's past track record with pricing arrangements, the team said.
Wang's team expects the P7+ to sell an average of 6,000 units per month, which is roughly in line with the market's expectation of 5,000-7,000 units per month.
The P7+ is a mid-to-large-size electric sedan with a length, width and height of 5,056 mm, 1,937 mm and 1,512 mm, and a wheelbase of 3,000 mm, according to previously released information.
It is powered by lithium iron phosphate battery packs with capacities of 60.7 kWh and 76.3 kWh, corresponding to ranges of 620 km and 710 km, respectively.
The P7+'s exterior design has been optimized for lower wind resistance, and Xpeng said the model consumes as little as 11.6 kWh of electricity per 100 km.
On October 18, Xpeng announced that the first production vehicles of the P7+ rolled off the assembly line at its Guangzhou facility in preparation for rapid delivery after launch.
($1 = RMB 7.1228)
Xpeng sees P7+ electric sedan's 1st production cars roll off line
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