By Michael Elkins
Bank of America reiterated a Buy rating and $31.00 price target on Xpeng (NYSE:XPEV) following the electric vehicle company’s Technology Day where the company gave more details on its XNGP assisted driving program.
XPeng has made its City NGP gradually available to P5 users as of September 17, with Guangzhou the first city to roll out the service. XNGP is targeted to be available in all road conditions and all places in China without the use of high-definition maps, achieving driver assistance anytime and anywhere.
Bank of America analysts wrote in a note “With XPeng’s latest smart driving roadmap, it accomplishes single-scenario driving assistance in 2022, targets to complete full-scenario driver assistance in 2023-2025, and aims for full autonomous driving in and beyond 2025.”
XPeng plans to make XNGP available to several models (G9 Max, G9 Pro, P5 P version, P5 E version and P7 E version), with different timelines and functions.
At XPeng’s Technology Day, the electric vehicle maker also highlighted XNet, its next-generation perception architecture, which boasts multi-camera and multi-frame video input. This new technology allows for superior perception capabilities with strong 360-degree coverage.
Shares of XPEV are up 1.40% in pre-market trading on Tuesday.