The P7+ starts at RMB 186,800 ($26,100), 11 percent below the pre-sale price. It received more than 10,000 firm orders in the first 12 minutes.
Xpeng (NYSE: XPEV) today officially launched its new electric sedan, the P7+, starting at a price significantly lower than its pre-sale price, as it looks to make it the next blockbuster car after the Mona M03.
The Chinese electric vehicle (EV) maker rolled out the P7+ at a n event today in Guangzhou, where it is headquartered, with a starting price of RMB 186,800 yuan ($26,100).
The price is RMB 23,000, or 11 percent, lower than the RMB 209,800 price the model was offered for pre-sales on October 14.
On October 31, pre-orders for the P7+ broke Xpeng's best-performing new model record set by the Mona M03, according to He Xiaopeng, Xpeng's chairman and CEO.
About an hour after the model's launch event, Mr. He said on Weibo that the P7+ received more than 10,000 firm orders in the first 12 minutes.
Xpeng is offering two regular variants of the P7+ with starting prices of RMB 186,800 and RMB 198,800 respectively.
The model also has a limited edition with a starting price of RMB 218,800 and only 500 units available.
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 respectively, and a wheelbase of 3,000 mm.
These dimensions are larger than those of the Xpeng P7i sedan, which measures 4,888 mm in length, 1,896 mm in width and 1,450 mm in height, with a wheelbase of 2,998 mm.
It is powered by lithium iron phosphate batteries from Eve Energy, with the entry variant having a pack capacity of 60.7 kWh and a CLTC range of 602 kilometers, which Xpeng said can be increased to 615 kilometers after a system update for the model next month.
The other two variants, both with a battery pack capacity of 76.3 kWh and CLTC ranges of 710 km and 685 km respectively, will also get a small increase after a system update next month.
When using fast charging, the P7+ is capable of charging from 0 to 80 percent in 20 minutes, Xpeng said.
The model is all single-motor rear-wheel drive, with the entry variant having an electric motor with a peak power of 180 kW and peak torque of 450 Nm, which can accelerate from 0 to 100 kmph in 6.9 seconds.
The other two variants both have 230 kW of peak motor power and 450 Nm of peak torque and can accelerate from 0 to 100 km/h in 5.9 seconds.
Unlike other Xpeng models that are divided into Plus, Pro and Max, the P7+ is only available in Max versions, meaning that it comes with Xpeng's most powerful driver assistance system as standard across the range.
The P7+ is the first Xpeng model to no longer come with LiDAR after the company has been equipping vehicles with the part for the past several years. CnEVPost mentioned in a July 9 exclusive that the model would not be using any LiDAR, with the smart driving system switching to a vision-only solution similar to Tesla's (NASDAQ: TSLA).
Xpeng calls the solution an Eagle Eye vision solution, powered by two Nvidia Orin X chips, and Xpeng's XNGP (Xpeng navigation guided pilot) assisted driving feature would be available when the vehicle is delivered.
The company said that the P7+ is a globally oriented AI vehicle that leverages AI technology in the cockpit and driver assistance systems to deliver a better experience.
The model's smart driving system is built on end-to-end AI technology, capable of iterating once every two days and driving an OTA (over-the-air) update for users once a month, Xpeng said.
The P7+ is the second model Xpeng has launched in the past three months, after the August 27 launch of the Mona M03, the first model in the Mona array.
The Mona M03 electric sedan starts at RMB 119,800, half the price of the Model 3, which Xpeng said on August 30 received more than 30,000 orders in its first 48 hours after launch.
The Mona M03 has been well received, but has run into the challenge of lack of production capacity. Customers who order the Mona M03 now have to wait at least nine weeks for delivery, according to CnEVPost's monitoring.
For the P7+, Xpeng today emphasized that the new model is being built at its plant in Guangzhou, not at the Zhaoqing plant like the Mona M03.
The two production sites operate independently and have different supply chain systems, Xpeng said, adding that the production of the P7+ will not be affected by the capacity constraints of the Mona M03.
Xpeng's Guangzhou production base has begun working double shifts to ensure the production line runs efficiently, the company said.
Deliveries of the P7+ began immediately after its launch and are expected to provide a significant contribution to Xpeng's deliveries this month.
Xpeng delivered 23,917 vehicles in October, its second consecutive record month, which was up 19.57 percent from 20,002 in the same month last year and up 12.01 percent from 21,352 in September.
In the January-October period, Xpeng delivered 122,478 vehicles, up 20.73 percent year-on-year.
($1 = RMB 7.1562)
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