Chinese electric vehicle maker Xpeng Motors said it will release new versions of the P7 sedan and G3 SUV with lithium iron phosphate batteries, a move that will limit range but could be less expensive.

Xpeng said Tuesday that the new P7 will have a range of 480 kilometers, down from the current model, and the G3 will have a range of 460 kilometers.

Pricing details were not disclosed at this time, and the company expects to start delivering models with lithium iron phosphate batteries from the second quarter.

The Xpeng P7 with lithium iron phosphate batteries was previously rumored to be released on March 3 with a range of 480km.

Subsequently, it was reported that the new model will be officially announced on March 3.

The Xpeng P7 is an all-electric mid-size coupe that includes four range options and a subsidized price range of RMB 229,900-349,900.

Lithium iron phosphate batteries have the advantages of high operating voltage, high energy density, long cycle life, good safety performance, small self-discharge rate, and no memory effect.

Lithium iron phosphate battery is gradually replaced by ternary lithium batteries around 2015 because of the low energy density, coupled with China's policy reasons.

However, in recent years, the lithium iron phosphate battery technology has progressed, the safety of the battery stability and lower cost and other characteristics, it is also increasingly used by more and more car companies.

The current China-made Tesla Model 3 entry model uses CATL's lithium iron phosphate battery and the price starts from 249,900 yuan.

(Source: Xpeng)