Shanghai (ZXZC)- Xpeng Motors plans to launch its third production model in 2021 and the vehicle is expected for delivery as early as this year’s fourth quarter, according to a media outlet, citing Brian Hongdi Gu, Vice Chairman and President of Xpeng Motors.

Mr. Gu said electric vehicle market has been polarized between high-end and low-end products, while Xpeng Motors attaches importance to the mid-end market with relatively low penetration rate.

Xpeng Motors teased its third mass-produced model via its WeChat account on Jan. 7.

Teaser photo of Xpeng's 3rd model; photo credit: Xpeng Motors

The silhouette exposed by the teaser photo shows that the forthcoming model will be a sedan.

The new model is expected to be a conventional sedan and features the same closed-off grille as that of the Xpeng P7, according to a local media outlet. However, the startup has not announced any more details.

The yet-to-be-launched model may be dubbed “P5”, according to sources. It will be the world's first mass-produced intelligent model carrying LiDAR.

Xpeng Motors currently has two production models for sales, namely the Xpeng G3 and the Xpeng P7, which went on sale in Dec. 2018 and April 2020 respectively.

The startup achieved quite a few milestones last year. In November 2020, the company’s second manufacturing base broke ground in Guangzhou, make it the first Chinese EV startup with two self-owned plants.

In December 2020, the company delivered the first batch of 100 G3 smart SUVs to customers in Norway, representing a milestone for its international business.

Xpeng Motors delivered a total of 27,041 vehicles through 2020, a year-on-year hike of 112%. Cumulative P7 deliveries for the year reached 15,062 with mass delivery beginning at the end of June.