xpeng motors tech day

Xpeng Motors (NYSE: XPEV) held its annual 1024 Tech Day where it touted its autonomous driving and robotaxi capability. The event came amid the slide in XPEV stock as it has lost over 85% in 2022 only and fell to all-time lows yesterday.

At the annual event held yesterday at its headquarters in Guangzhou, Xpeng Motors unveiled the company’s next-generation neural network-based perception architecture, data management platform, and closed-loop AI. It also featured the latest developments in its mobility business, including robotaxis and robotics.

“Our strong technological R&D capabilities allow us to fulfill customer needs with innovations,” said He Xiaopeng, Xpeng Motors CEO.

He added, “Our staunch IP (intellectual property) also provides significant barriers to entry, propelling our considerable head start. Each component we originate for our mobility ecosystem strengthens our proprietary platform and competitive advantage, while providing a springboard for our significant future growth.”

In September, Xpeng Motors debuted a semi-autonomous driving system in China and launched the pilot program of its Navigation Guided Pilot (City NGP). The pilot program was available for a select group of Xpeng P5 customers in Guangzhou. Notably, the driving system is not reliant on maps.

Xpeng Motors Unveiled New Capabilities at the Tech Day

At Tech Day, Xpeng Motors unveiled XNet, next-generation neural network-based software architecture. It said, “XNet adopts an in-house developed deep neural network for visual recognition with human-like decision making capabilities, drawing from multiple cameras’ data.”

The platform’s technical stack is backed by Fuyao which is China’s largest supercomputing center for autonomous driving.

Xpeng Motors also announced that it the company’s G9 SUV has become China’s first mass-produced commercial vehicle to have passed the country’s Autonomous Driving Closed-field Test. It called the milestone a “major step forward” in robotaxi development.

Notably, XPEV revealed the specifications of the G9 SUV last month only. In total, the G9 SUV would have nine specifications for buyers to choose from. The models would start from $44,270 and the top model would cost up to $66,000.

G9 is the most expensive car from Xpeng Motors but the company priced it competitively against Tesla’s Model Y. Meanwhile, in what could trigger a price war in the Chinese EV market, Tesla has cut the starting prices for its Model 3 and Model Y in the country.

Xpeng Motors’ Stock Has Crashed in 2022

Xpeng Motors, as well as other Chinese EV stocks, have tumbled in 2022. The sell-off in Chinese stocks including Alibaba deepened yesterday after the politburo rejig in the country. Alibaba stock now trades below its 2014 IPO price as the country’s tech crackdown has taken a toll on its tech companies.

Many analysts however see Chinese shares as undervalued. We have a guide on buying Alibaba stock.

Talking about Xpeng Motors, the company went public in 2020 in the US at $15 per share. The shares now trade at less than half of the IPO price. Billionaire investor Ray Dalio added more Xpeng Motors shares in the second quarter of 2022. He also bought more NIO shares as well as Ford in the quarter amid the crash.

Supply Chain Issues Are Taking a Toll on EV Production

EV companies are facing supply chain headwinds and even Tesla now expects 2022 delivery growth to be less than its original guidance of 50%. Xpeng Motors delivered 8,468 vehicles in September. Its deliveries totaled 29,570 in the third quarter which was 15% higher than the corresponding quarter last year.

The company’s September delivery report disappointed markets. Markets would next look forward to the October delivery report next month.

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