Chinese electric vehicle brand XPeng Inc. (NYSE: XPEV) has confirmed the launch schedule for its third EV model, a sedan, and announced the commercial availability of a variant of its P7 sedan.
What Happened: XPeng’s third EV model, named P5, will be launched April 14 in Guangzhou, China, the company revealed in a tweet serving as a countdown for the event. The company described the third model as a “new breed.”
The P5 model is likely to be equipped with lidar technology and positioned below the company’s P7 sedan, CnEVPost reported. Separately, the company said it delivered its first P7 Wing edition sedan to customers.
The EV model, which comes with scissor doors, was first unveiled at the Guangzhou Auto show in November.
Related Link: XPeng Proposes EV Manufacturing Plant In Wuhan
Why It’s Important: Innovation is the key for EV companies to remain competitive.
XPeng’s new flagship sedan model and the third EV model will likely strengthen its competitive position.
XPeng’s domestic rival NIO Inc. (NYSE: NIO) has announced its first-ever sedan, dubbed ET7. It is likely to be commercially available in the first quarter of 2022.
XPEV Price Action: In premarket trading Monday, XPeng shares were edging up 0.32% to $34.60.
Related Link: Electric Vehicle Showdown: Tesla Vs. Nio Vs. XPeng Vs. Li Auto — How Q1 Deliveries Stacked Up
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