Chinese EV maker Xpeng unveiled its groundbreaking new P5 model on Wednesday, only to then see its stock drop by over 7% after earlier gains.
The Guangzhou-headquarted firm is touting its latest high-tech model as the world’s first mass-produced EV equipped with lidar sensors
Lidar technology uses laser light pulses to gauge a car’s positioning and is expected to become a core self-driving technology, helping driverless vehicles ‘see’ both static and moving objects on the roads, even in tough weather and light conditions.
Read more: Huawei says its first self-driving car ‘HI’ surpasses Tesla
The P5 marks the EV start-up’s third production vehicle and second electric sedan. The firm heralded it as “the world’s first production smart EV equipped with automotive-grade LIDAR technology”.
But despite the ‘great step forward’ for the firm, its shares sank 7.3% to close at 32.89 in Wednesday stock market trading, giving up earlier gains.
Among other EV stocks, China’s Nio (NIO) fell 3.8% and Li Auto (LI) lost 3.3%. Tesla (TSLA) eased 4% while Ford (F), which opened orders for its locally made Mustang Mach-E all-electric SUV Tuesday, added 0.3%.
SHANGHAI UNVEILING
The P5 will be officially unveiled at the Auto Shanghai show on April 19 and be available for sale in China later this year, Xpeng told CNBC.
Founded five years ago, Xpeng has already emerged as a challenger to Tesla in China with its ‘smart EVs’ featuring highly autonomous driving and other advanced technologies.
It already sells two EVs, the G3 SUV and the P7 sedan, mainly in China and Xpeng expects to have a line-up of seven to eight models by 2024.
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