Orders for the P7+ surpassed 30,000 units just 1 hour and 48 minutes after pre-sales began, Xpeng said.

Xpeng's (NYSE: XPEV) new electric sedan, the P7+, appears to be getting good initial reception, with the company posting strong pre-order numbers.

Orders for the P7+ topped 30,000 units just 1 hour and 48 minutes after pre-sales began, the Chinese electric vehicle (EV) maker announced on Weibo at 9:43 pm Beijing time yesterday.

“We believe technology can change the world, thanks to all our supporters who love Xpeng and believe in Xpeng's technology to help us break our own record once again!” Xpeng wrote in Chinese on Weibo.

Xpeng introduced the model to European consumers in Paris, France, at a n event that began at 7:15 pm Beijing time yesterday, and announced that the model became available for pre-sales in China with a starting price of RMB 209,800 ($29,600).

Chinese customers who pay a refundable RMB 99 to reserve the model now will receive RMB 3,000 off their purchase price.

The P7+'s pre-sale starting price is RMB 22,100, or 9.53 percent, below the RMB 231,900 starting price of Tesla's Model 3 in China, although Xpeng chairman and CEO He Xiaopeng said the model is aimed at targeting models priced in the RMB 300,000 class.

As is customary for Chinese EV makers launching new models, the P7+ will likely be priced even lower at its official launch.

The P7+ is Xpeng's latest model after achieving significant cost reductions, following the launch of the Mona M03 on August 28 with a starting price of just RMB 119,800, which garnered more than 30,000 non-refundable orders in the first 48 hours of its launch.

The Xpeng brand will start delivering a new B-class all-electric sedan in the fourth quarter of this year as the first model to reach its 25 percent technology cost reduction target, the company's management said in a May 21 earnings call.

Xpeng did not mention a name for the model at the time, but it's apparently the P7+.

The P7+ is a mid-to-large-size electric sedan with length, width, and height of 5,056 mm, 1,937 mm, and 1,512 mm, respectively, and a 3,000 mm wheelbase, making it larger than the Xpeng P7i sedan.

($1 = RMB 7.0875)

Xpeng starts P7+ pre-sales with starting price 10% lower than Tesla Model 3