The post Xpeng recalls 47,000 P7+ sedans as price wars return to spotlight appeared on BitcoinEthereumNews.com. The Chinese automaker Xpeng Inc. has recalled over 47,000 units of its popular P7+ sedan. The recall dealt another blow to the Chinese EV market as a leading brand had to recall one of its most popular models due to concerns over safety risk.  The issue involves a flaw in the sensor wiring harness. The affected cars, which include some of those produced between August 20 last year and April 27 this year, may display a steering fault warning indicator light before experiencing a steering failure. Xpeng has committed to replacing the faulty parts free of charge for owners. Xpeng has recalled its flagship model The Chinese electric vehicle maker Xpeng Inc. had to issue a recall of 47,490 units of its P7+ sedan, affecting at least 70% of its customers who bought the model. The recall is due to a steering fault that poses safety risks, according to a statement from China’s State Administration for Market Regulation (SAMR) that was released Friday. The P7+ sedan was launched late last year and quickly became one of Xpeng’s most popular models, selling 67,000 units. China’s price competition Earlier this year, regulators moved to rein in the industry’s price war, which has been raging for several years as automakers compete for market share in the world’s largest EV market. Even established players like BYD and Tesla, as well as newer companies like Nio and Xpeng, have had to cut prices to attract buyers. While these discounts have boosted sales, they have also squeezed profit margins. In response, automakers have been pressuring their suppliers to lower costs. Industry analysts and regulators have warned that these conditions could affect the standards of materials and components used in production. Xpeng’s incident may lead to increased global scrutiny on China’s auto exports and domestic regulators pushing… The post Xpeng recalls 47,000 P7+ sedans as price wars return to spotlight appeared on BitcoinEthereumNews.com. The Chinese automaker Xpeng Inc. has recalled over 47,000 units of its popular P7+ sedan. The recall dealt another blow to the Chinese EV market as a leading brand had to recall one of its most popular models due to concerns over safety risk.  The issue involves a flaw in the sensor wiring harness. The affected cars, which include some of those produced between August 20 last year and April 27 this year, may display a steering fault warning indicator light before experiencing a steering failure. Xpeng has committed to replacing the faulty parts free of charge for owners. Xpeng has recalled its flagship model The Chinese electric vehicle maker Xpeng Inc. had to issue a recall of 47,490 units of its P7+ sedan, affecting at least 70% of its customers who bought the model. The recall is due to a steering fault that poses safety risks, according to a statement from China’s State Administration for Market Regulation (SAMR) that was released Friday. The P7+ sedan was launched late last year and quickly became one of Xpeng’s most popular models, selling 67,000 units. China’s price competition Earlier this year, regulators moved to rein in the industry’s price war, which has been raging for several years as automakers compete for market share in the world’s largest EV market. Even established players like BYD and Tesla, as well as newer companies like Nio and Xpeng, have had to cut prices to attract buyers. While these discounts have boosted sales, they have also squeezed profit margins. In response, automakers have been pressuring their suppliers to lower costs. Industry analysts and regulators have warned that these conditions could affect the standards of materials and components used in production. Xpeng’s incident may lead to increased global scrutiny on China’s auto exports and domestic regulators pushing…