Tesla challenger Xpeng's new P5 sedan will start at $24,670, more than a third less than the basic Model 3

Elon Musk's Tesla has faced a string of setbacks in China.
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Xpeng just revealed the pricing for its P5 electric sedan, which starts at $24,670.
Tesla's Model 3 sedan starts at $38,700 in China.
China is the world's largest car market and accounted for a fifth of Telsa's revenues last year.
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One of Tesla's closest rivals in China has revealed the pricing for its new electric sedan - and it's undercutting Tes