XPeng launches its P7 sports sedan with Lidar technology, the first-ever by any automaker. P7 Wing is a limited edition only available in the Chinese market.
XPeng Inc., (XPEV) is rising as one of the most promising electric vehicle companies. The company has massive demand in China, but it seems the evolving global market will increase its worth in the next few years.
Shares of the EV maker are soaring and it is currently trading at its all-time high since it went public on April 27, 2020. The trading volume is quite massive today with the P7 Wing release. Currently, the volume is almost 42 million compared to an average trading volume of under 20 million.
As we write this at 1:11 P.M. EDT, XPEV was trading at $55.47 continuing the bullish run up by 15.45%.
The Chinese EV firm is doing very well locally and has the potentialto emerge as a top ranked automakerworldwide. XPeng outsold many other fellow companies in September with deliveries over 3,478.
JPMorgan sees the company as the leading mass market in China. XPeng is backed by big parties like Alibaba, and Chairman He Xiaopeng. The market cap of the automaker is around 38.50 billion.
At the moment, the company sells two models including XPeng G3 SUV and XPeng P7 Sedan. The growing demand is setting new milestones for the company as it expects to complete its 2nd factory by Dec. 2022.
XPeng target audience remains the middle-class segment. The company says:
“Our Smart EVs appeal to the large and growing base of technology-savvy middle-class consumers in China. We primarily target the mid- to high-end segment in China’s passenger vehicle market.”
Presenting P7 Wing
XPeng has just unveiled its latest P7 model, P7 Wing which will be available only in China with a limited edition. The company announced the new addition at the 2020 Auto Guangzhou show.
The P7 Wing will include Lidar technology that will be the first one ever in an electric vehicle. The new flagship edition is designed to enhance the sporty and dynamic style of the smart EV sedan. It has a specifically-designed scissor-style front doorssimilar to BMW’s i8 model. This adds a luxurious touch to this special car.
The doors have two obstacle avoidance radars on both sides, that helps in identifying obstacles automatically and control the movement of the doors. The doors can be unlocked in different ways using car keys, Bluetooth, P7 mobile app, and through in-car voice recognition.
The car will be available in four-wheel drivehigh-performance and rear-wheel drive superlong-range editions. The P7 Wing contains XPILOT 3.0 hardware and software bringing extra exclusivity for its consumers.
These two versions will cost around RMB409,000 and RMB366,900 for the Chinese market.
This new car shows that XPeng Inc., (XPEV) is one key automaker to look forward to in the future, as the Chinese Tesla competes against its counterpart NIO.