Keeping up with high competition in the electric vehicle (EV) space, XPeng Inc. XPEV launched its third production model, named P5. The model will be an electric sedan equipped with driverless features. Reportedly, P5 will be priced lower than the company’s first sedan P7, which has a starting price of 229,900 yuan. The China EV maker is set to release the pricing and further details about the new model at the Shanghai Auto Show, which will be held on Apr 19.

The P5 model, boasting XPeng’s proprietary XPILOT 3.5 system and Xmart 3.0, is likely to be a game changer for the company. The XPILOT 3.5 system will enable enhanced neural networking capabilities, and advancements in digital mapping and obstacle-recognition functionalities that are expected to lead to safer navigation, reduction in accidents as well as commuter comfort. The XPILOT 3.5 architecture will have an updated version of Navigated Guided Pilot, which is also designed for city roads, in addition to highways. Meanwhile, the Xmart OS 3.0 platform will help in offering full scenario voice assistance. The P5 model aims to bring about high level of technological advancement for smart electric cars, which is increasingly essential in China’s crowded EV market.

The e-mobility battle in China is getting fiercer by the day, with domestic EV players like NIO Inc. NIO and Li Auto LI, foreign automakers as well as tech titans foraying into the space. A few days back, China’s leading smartphone maker Xiaomi announced that it is set to invest $10 billion in the development of EVs over the next 10 years. The company intends to establish a wholly-owned subsidiary with an initial investment of around $1.5 billion. Ride-hailing platform Didi Chuxing has also launched an EV unit and collaborated with BYD Co Ltd BYDDY to develop EVs designed for its services. Telecom equipment giant, Huawei Technology also aims to launch electric cars under its brand and may roll out a couple of models this year. Search engine behemoth Baidu also announced plans to launch an electric car business in January.

Amid soaring competition, XPeng’s commitment to technology innovation and customer services by putting forth an EV experience tailored to consumers’ requirements is of utmost importance in order to maintain its footing in the e-mobility market. Xpeng currently carries a Zacks Rank #4 (Sell).

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