Tesla challenger Xpeng's new P5 sedan will start at $24,670, more than a third less than the basic Model 3
One of Tesla's closest rivals in China has revealed the pricing for its new electric sedan – and it's undercutting Tesla's Model 3 by more than a third.
Xpeng will sell six versions of its upcoming P5, priced between 160,000 yuan ($24,670) and 230,000 yuan ($38,550) after subsidies. Tesla's Model 3, by comparison, costs from 250,900 yuan ($38,700) in China after subsidies, with a higher-end version priced at 339,900 yuan ($52,400).
China is the world's largest car market and demand for electric vehicles is booming thanks in large part to generous government subsidies for "green" cars.
Tesla made around a fifth of its global revenues in China last year but it's facing increasing competition from local rivals such as Nio, Li Auto, and Xpeng.
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