Benzinga | Sep 30, 2021 05:39AM EDT

Nio Rival Xpeng Launches New Lower-Priced Versions Of Flagship P7 Sedan As It Looks To Boost Sales: Report

Chinese electric vehicle maker Xpeng Inc (NYSE:XPEV) has revealed two new makes of its electric sedan P7 that do not support the XPILOT assisted driving system, cnEVpost reported on Thursday, citing the company.

What Happened: With the new variants, the Guangzhou, China-based automaker has significantly lowered the starting price points for the flagship P7 sedan, a move that is expected to boost sales and compete with rivals such as Tesla Inc (NASDAQ:TSLA) and Nio Inc (NYSE:NIO).

The two new variants are named 480G and 670G. The number in these models represents the outgoing NEDC, or the New European Driving Cycle, range -- a method used to determine a car's fuel economy and emission standards. "G" represents the lowest specification series in XPeng's model nomenclature.

See Also: As Nio, Xpeng Struggled, Warren Buffett-Backed BYD Saw EV Sales Jump 21.5% Month-Over-Month In August

What Are The Prices: The P7 480G variant is now the most affordable Xpeng electric sedan in the series starting at $34,000 (RMB 219,900). The earlier most affordable model in the series was the 480N version priced at RMB 229,900, as per the report.

The 480G version is identical to the 480N version in core specifications except that it comes without an assisted driving system.

The 670G version is priced at about $40,690 (RMB 256,900), as noted by cnEVpost.

This seems to be the latest effort by XPeng to boost P7 sales, with deliveries of the model exceeding 6,000 in each of the past two months.

The company delivered 7,214 vehicles in August, up 172% year-on-year, but down 10% from July.

Price Action: XPEV shares closed 0.35% lower at $34.55 on Wednesday.

Photo: Courtesy of Jengtingchen via Wikimedia