Source: XPeng Motors
XPeng announced launch price of the P7+ to be 186,800 CNY, a reduction of 23,000 CNY over pre-sale price.
Pre-orders of the P7+ on November 7 broke the company’s previous record set by the XPeng MONA M03, launched on October 31st.
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XPeng stated that the web traffic was over 20 times the volume of the MONA launch.
The number of orders exceeded 10,000 within the first 12 minutes of launch and blew past 31,528 in 3 hours, setting a new record for XPeng.
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To put that number in perspective, one of the most successful vehicle launch in China was the Xiaomi SU7’s, which received 50,000 firm orders in 27 minutes and 88,898 firm orders in the first 24 hours.
Though XPeng P7+ pre-order volume has not exceeded Xiaomi SU7’s, these launch numbers are extremely promising.
After launch price reduction, the P7+ is even more affordable than the XPeng G6. The P7+ comes in three versions, with the Long Range Edition at 186,800 CNY, Ultra Long Range Edition at 198,800 CNY, and Limited Edition at 218,800 CNY.
The base model packs a punch with a CLTC range of 602 km. Adding only 12,000 CNY for the Ultra Long Range Edition would increase that range to 710 km.
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The Xiaomi SU7 starting price was 215,900 CNY and began accepting orders on March 28, 2024. Placing a pre-order required customers to place a 5,000 CNY deposit, refundable within 7 days.
Since the launch of the XPeng MONA M03, the company has delivered over 20,000 units for two consecutive months.
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The MONA M03 has also exceeded 10,000 deliveries through both months.
While the XPeng MONA M03 benchmarks the BYD Qin, the P7+ is directly positioned to compete with the BYD Han, one of China’s most popular EV models.
We note that the XPeng had originally launch the P7 to compete with Tesla Model 3, but the company has seemingly shifted gear as the Model 3 is already facing a saturated field of competitors (i.e. NIO ET5, Zeekr 07, Xiaomi SU7).
In fact, BYD Han sold 28,382 vehicles in October 2024, ranking 3rd amongst NEVs priced in the 200,000 CNY level.
BYD Han also ranked just behind the Tesla Model Y, which sold 36,204 units.
While the Han has seen a gradual softening in monthly sales, based on L12M figures, the Han remains to be one of the top selling BYD with monthly sales of c. 20,000 units.
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The 2025 Han DM-i (PHEV model) is priced between 165,800 to 225,800 CNY. Meanwhile, the Han EV base model with CLTC 506 km range starts at 179,800 CNY and the long range model with 701 km is priced at 209,800 CNY.
While the P7+ Long Range version costs 7,000 CNY more than the Han’s base version, it also comes with over 100 km of additional electric driving range.
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Not only is the XPeng P7+ offering more range for the money, but it is positioned as the only 200,000 CNY vehicle that comes with vision-based ADAS out of the box, something that BYD has yet achieved.
XPeng had the G6 to compete with Model Y and now has the P7+ to face off with the BYD Han.