The value of the Xpeng P5 begins at $ 24,700, which is under the Tesla Mannequin three in China

Xpeng Motors will present the P5 sedan at an event in Guangzhou, China on April 14, 2021. The P5 is the third series model from Xpeng and has what is known as Lidar technology.

Arjun Kharpal | CNBC

GUANGZHOU, China – Chinese electric car maker Xpeng Inc. priced its new P5 sedan at just 160,000 yuan ($ 24,694) just days after Tesla launched a cheaper version of its Model Y sport utility vehicle

Xpeng’s aggressive pricing comes from the fact that China’s electric vehicle market continues to heat up with an increasing number of players.

The P5 – the third production model of the Xpeng and the second sedan after the P7 – was launched earlier this year. There are six different versions of the car with different functions, and prices range from 160,000 yuan to 230,000 yuan.

Xpeng’s P7 sedan starts at 229,900 yuan after subsidies. Tesla’s Model 3 starts at 250,900 yuan in China.

Headquartered in Guangzhou, the company uses lidar, or light detection and distance measurement technology, in the P5 to enhance some of its semi-autonomous driving functions. Lidar uses laser beams to map the environment and measure the distance to objects to help the car detect obstacles in its path.

Four of the six P5 models are equipped with the advanced driver assistance of Lidar and Xpeng (ADAS) called XPILOT.

Xpeng is one of several players in China’s electric vehicle industry, ranging from established automakers to startups.

Read more about electric vehicles from CNBC Pro

Tesla, which has faced bad press for weeks in China, this month unveiled a cheaper, shorter-range version of its Model Y SUV, which starts at 276,000 yuan after subsidies.

Xpeng delivered 17,398 vehicles in the second quarter of the year, an increase of 439% over the previous year. The company hopes the P5 can help them keep growing sales in a new price segment.

This month, Xpeng, already listed in New York, conducted a so-called dual primary listing in Hong Kong and raised $ 14.02 billion (US $ 1.8 billion).

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