When Xpeng (NYSE: XPEV) premieres its P5 smart electric vehicle (EV) at a press briefing in Guangzhou, China, on Wednesday, it will mark the automaker's third production model and will be the first one to feature lidar sensors to enhance its advanced driver-assist systems. Xpeng says the P5 will be the first mass-produced smart EV with automotive-grade lidar technology, which bounces laser-light pulses off of objects to measure the time it takes for the beams to reflect back. In doing so, the sensors are meant to be able to determine the presence, shape, and distance of the objects with pinpoint accuracy. It promises to become a key technology for autonomous vehicles. An Xpeng P7 dashboard display. Image source: Xpeng. Although Xpeng already offers a self-driving car, the lidar-equipped model could prove popular by allowing for hands-free driving in city conditions because it ought to significantly improve the vehicle's precision object recognition. Xpeng first announced the P5 at last year's Auto Guangzhou 2020 auto show. It says the car will be powered by its XPILOT autonomous driving system. It includes high-definition cameras, millimeter-wave radar, ultrasonic sensors, and high-precision GPS and mapping systems. Xpeng has emerged as a strong competitor to Tesla (NASDAQ: TSLA) in China with its advanced smart EVs and focus on autonomous driving and vehicle connectivity. It says the P5 will be featured at Auto Shanghai 2021 on April 19, where all the details of the EV's configurations, performance, and pricing will be made available. 10 stocks we like better than XPeng Inc.When investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and XPeng Inc. wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of February 24, 2021 Rich Duprey has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Tesla. The Motley Fool has a disclosure policy.Source