Stock Track | XPeng Soars on Launch of AI-Powered P7+ Electric Sedan

Stock Track2024-11-08

Shares of Chinese electric vehicle maker XPeng Inc. (XPEV) surged in pre-market trading on Wednesday, driven by the company's unveiling of its highly anticipated P7+ sedan, being hailed as the "world's first AI-defined car."

During XPeng's AI Day event, the automaker showcased the P7+, an advanced electric sedan featuring autonomous driving capabilities powered by its AI Eagle-Eye Vision intelligent driving system and neural networks. This positions the P7+ as a direct competitor to Tesla's Full Self-Driving software, but with a lower starting price of around $26,150 in China, undercutting Tesla's Model 3.

In addition to the groundbreaking P7+, XPeng announced plans to introduce a range extender option, embracing hybrid technology to enhance cost-competitiveness and profitability for its electric vehicles. This strategic move aims to address concerns around increasing losses and shareholder dilution while maintaining a focus on cutting-edge innovations.

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