Why EV Behemoth XPeng Shares Are Rising Friday

XPENG INC. -3.35%

XPENG INC.

XPEV

6.93

-3.35%

XPeng Inc. (NYSE:XPEV) on Friday said it expanded nationwide coverage of XNGP for the Chinese market.

The company said it has successfully rolled out its XNGP Advanced Driver Assistance System (ADAS) for customers in 27 more cities, including Tianjin, Chengdu, Xi'an, Wuhan, and Changsha.

"The inflection point of ADAS technology will come with the achievement of nationwide coverage with low cost, a high level of safety and great customer experience," said He Xiaopeng, Chairman and CEO.

This accomplishment highlights the company's commitment to advancing autonomous driving technology and promoting widespread adoption.

To date, XNGP is available for all the XPENG Max trim customers in a total of 52 cities. By early 2024, XNGP will be available in a total of 200 cities across China. 

XPENG's most recent OTA update also featured significant enhancements in various ADAS functions. XNGP is optimized to adapt to different cities' driving scenarios.

"I strongly believe that the demand for ADAS will surge in the next five years, and XPENG will be the preferred Smart EV brand for consumers," Xiaopeng added.

Read Next: This EV Maker Returned More Than Tesla Over Past Year

Price Action: XPEV shares are trading higher by 1.26% to $14.45 premarket on the last check Friday.

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