Xpeng Inc. announced the price of its new P5 sedan at $24,694, undercutting rival Tesla, whose Model 3 starts at $38,666. The P5 is the second sedan production model for Xpeng, based out of Guangzhou. Its P7 sedan is selling for $35,430. The P5 is equipped with Lidar, a light detection and ranging technology to improve some of its semi-autonomous driving features. Lidar uses laser beams to map out its environment and measure the distance of objects to help the vehicle find obstacles in its path. Xpeng is one of several Chinese electric vehicle companies trying to compete with Tesla and other U.S. and European auto giants in the growing electric vehicle market.