- The launch of the new P7 in China is expected to be in July-August, targeting the RMB 300,000 ($41,600) market.
- Xpeng will determine which overseas markets the model will be available in based on demand in different countries and regions.
Xpeng (NYSE: XPEV) plans launch its next-generation P7 coupe sedan in the third quarter to target the mid-to-high end sedan market, and plans to bring it overseas.
The launch of the new P7, internally codenamed E29, in China is expected to be in July-August, the Chinese electric vehicle (EV) maker said in a statement today.
The new P7 is a replacement for the currently on-sale P7i sedan, and will be priced around RMB 300,000 yuan ($41,600), Xpeng said, adding that the P7i currently has only a small amount of inventory left for sale in China.
The new P7 is a model aimed at the global market, and Xpeng will determine which markets the model will be available in based on demand in different countries and regions, it said.
Earlier today, Xpeng announced on Weibo that the coupe sedan is named the new P7 and shared the first official images.
The P7 initially made its debut at the Shanghai auto show in April 2019 and was launched in April 2020. Its deliveries in China began in mid-2020.
As Xpeng's first sedan, the P7's sleek and stylish exterior design has seen it do well since its launch.
The P7 delivered 60,569 units in 2021 and 59,066 units in 2022, contributing 61.71 percent and 48.91 percent of Xpeng's annual deliveries, respectively, according to data compiled by CnEVPost.
In March 2023, Xpeng launched the P7i sedan as a successor to the P7, although the regular P7 continued to be sold for some time.
The P7+ mid to large-size sedan, launched in November 2024, is an all-new model, not a facelift of the P7 lineup.
Xpeng's sedans currently on sale are the Mona M03, P7+ and P7i, with the Mona M03 and P7+ being the main sellers.
The P7+ focuses on family use with more space, while the new P7 is more comprehensive and personalized in terms of intelligence and performance, Xpeng said today.
The new P7, based on the same E platform as the G9 SUV (sport utility vehicle), will not feature any LiDAR, but will enable assisted driving on city roads and highways, according to the company.
The coupe sedan will feature a pure vision mart driving solution, similar to the new and facelifted models Xpeng rolled out in the past few months.
The new P7 will be powered by Xpeng's own Turing chip, it said.
Xpeng said at the launch event of the updated X9 MPV (multi-purpose vehicle) in Hong Kong on April 15 that the Turing chip would be used in its production vehicles starting in the second quarter.
The Turing chip has a computing power of about 700 TOPS, close to Nvidia's latest Thor chip.
The new P7 is designed by Xpeng's lead exterior designer Rafik Ferrag, the French designer known for designing the first-generation P7 in 2018.
"The original P7 was a milestone for XPENG and a turning point in China's EV landscape," Ferrag said.
"With this new generation, we set out to design a pure electric sports sedan that could amaze at every angle," he added.
On Tuesday, Ferrag previewed the updated P7 in a video posted to Instagram, though the model was not mentioned by name at the time.
Xpeng sees the updated P7 as a bold and emotional upgrade to its iconic electric sports sedan, built over five years and introducing artificial intelligence (AI) technology.
He Xiaopeng, the company's chairman and CEO, describes it as a major upgrade for the brand's next technological leap -- one that blends AI-powered luxury, cutting-edge Xpeng Turing Smart Driving, and an immersive smart cockpit into a sleek and futuristic form.
($1 = RMB 7.2111)
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