XPeng shows off what it says is the world’s first AI car at the Paris Motor Show

XPeng Motors (NYSE:XPEV) showed off its new P7+ electric vehicle model at the Paris Motor Show. The company says the model is the world’s first AI vehicle that uses AI technology in various areas, including smart driving, power, energy control, and thermal management. Pre-sales of the P7+ have begun in China at a price of 209,800 yuan ($29,500).

Notably, XPeng (XPEV) said orders for the P7+ crossed 30,000 units within two hours of the presale announcement. “AI will be the foundation for developing EVs in the future,” said XPeng CEO He Xiaopeng. “AI will be widely used in intelligent cars, and we aim to create a benchmark AI-powered vehicle for the industry,” he added.

Also in Paris, XPeng Vice Chairman Brian Gu said the Chinese electric vehicle maker remains committed to Europe, despite the formidable headwind of tariffs from the European Union. “Our plan for Europe is a very long-term one,” he stated on the sidelines of the show.

Gu said that while tariffs have put a lot of pressure on the XPeng (XPEV) business model, the company is aiming to find every possible way to address the situation and make itself competitive in the European market. XPeng (XPEV) was noted to be reviewing its product range, business model, and pricing in reaction to the EU tariffs.

Shares of XPeng (XPEV) were down 2.6% in premarket trading, after shedding 9.8% on Monday. Those drops were roughly in-line with the weakness seen across Chinese tech and EV names.