Hot Chinese ADRs jumped in premarket trading. Alibaba and Pinduoduo rose 2%; NIO, JD.com, Net Ease, Baidu and Bilibili rose 3%; Li Auto rose 5%; XPeng jumped nearly 12%.
Chinese electric vehicle maker XPeng (NYSE:XPEV) unveiled Sunday its new platform architecture for making vehicles that will set the foundation for future production models and reduce the cost of development and manufacturing.
The Smart Electric Platform Architecture (SEPA) 2.0 is expected to shorten the R&D cycle for future models by 20%, as well as cut costs on adaptations for advanced driver assistance systems (ADAS) and smart infotainment systems by 70% and 85%, respectively.
The modular, interchangeable vehicle platform will support a range of vehicle types, like XPeng's upcoming G6 coupe SUV, which debuts Tuesday at Auto Shanghai 2023, Brian Gu, Xpeng's president, told reporters Sunday.
The G6 will be the first vehicle built on the SEPA 2.0 platform.
The smart manufacturing system will be built out by 2025, the company said, adding that all manufacturing facilities will integrate SEPA 2.0 through technology upgrades.