xpeng motors

Chinese EV (electric vehicle) company Xpeng Motors (NYSE: XPEV) has debuted a semi-autonomous driving system in China. It has launched the pilot program of its Navigation Guided Pilot (City NGP) as the EV and autonomous driving race heats up.

It said that a select group of Xpeng P5 customers in Guangzhou would be able to access the City NGP through an over-the-air update.  The company described its Advanced Driver Assistance System (ADAS) as “China’s most advanced ADAS system for urban driving.”

In his prepared remarks, He Xiaopeng, Xpeng Motors’ CEO said, “With the rollout of City NGP, XPeng is spearheading a strategic roadmap to complete our ADAS coverage from highways and parking lots to much more complex city driving scenarios, offering our customers enhanced safety and an optimized driving experience.”

He added, “We believe the continuous evolvement of City NGP and the expansion of its coverage will accelerate the transformation of the driving experiences of our customers.”

Tesla also offers its FSD (full self-driving) and recently increased the price from $12,000 to $15,000. The company’s CEO Elon Musk believes that eventually, FSD price would rise to $100,000.

Tesla Calls Its Autonomous Driving System “Full Self-Driving”

However, US regulators have been against Tesla using the term “full self-driving” for its semi-autonomous driving system. The NHTSA (National Highway Traffic Safety Administration) is investigating several cases of crashes involving Tesla’s FSD.

On its part, Tesla advises drivers to keep their hands on steering all the time, including when using the FSD. That said, the name “full-self driving” might indeed sound deceptive to many, as the software is not fully autonomous yet as the name suggests.

Last month, Former US presidential candidate Ralph Nader called upon the NHTSA to issue a recall for Tesla’s FSD and called it “one of the most dangerous and irresponsible actions by a car company in decades.”

Wall Street analysts have been getting bullish on Tesla after President Joe Biden signed the Inflation Reduction Act of 2022 which would restore the EV tax credit for Tesla cars from the next year.

Morgan Stanley advises investors to buy Tesla stock and believes that the Inflation Reduction Act could add $30 billion to the company’s profits by 2030.

Xpeng Motors Stock is Trading Higher After Announcing Autonomous Driving System

Xpeng Motors stock is trading slightly higher today even as futures point to a weak opening for the US stock markets. The stock hit a 52-week low yesterday but bounced back intraday.

Concerns over aggressive rate hikes by the US Federal Reserve are taking a toll on US stocks. While a 75-basis points rate hike this month looks a done deal, a 100-basis point rate hike is also not fully off the table.

Meanwhile, like other automotive companies, Xpeng Motors is also battling supply chain woes. It delivered 9,578 EVs in August, which was 33% higher than the corresponding period last year. Its deliveries totaled 90,085 in the first eight months of the year. After outselling NIO for the last few months, Xpeng Motors fell behind NIO in August.

Xpeng Motors provided soft guidance for the third quarter and expects to ship between 29,000-31,000 cars in the third quarter of 2022.

Billionaire investor Ray Dalio added more Xpeng Motors shares in the second quarter of 2022. He also bought more NIO shares in the quarter amid the crash.

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