China’s Xpeng Motors (XPEV) showed off a flying car and plans for superchargers as a new EV looms, intensifying the EV startup’s challenge to Tesla (TSLA) in one of the world’s biggest electric-car markets. Xpeng stock surged Monday, briefly hitting a buy point.
At its annual Tech Day in Guangzhou Sunday, Xpeng unveiled the sixth generation of its flying car, reports in local media said. The vehicle, from affiliate HT Aero, can both drive on land like a normal car and fly in the air.
HT Aero, backed by Xpeng and its CEO He Xiaopeng, raised $500 million last week from outside investors, including venture capitalists.
By 2024, HT Aero plans to mass produce the flying car, it said. The vehicle is likely to cost around RMB 1 million ($157,000). In May, Tesla CEO Elon Musk claimed a version of its upcoming Roadster will be able to fly “very briefly.”
On Sunday Xpeng, the emerging Tesla and Nio (NIO) rival, also discussed next-gen superchargers while alluding to a new electric vehicle. Xpeng currently has 439 ‘supercharging’ or fast-charging stations across China vs. 1,000 Tesla Supercharger stations in that country.
At the Guangzhou Auto Show in November, Xpeng is set to debut a new flagship SUV, possibly called the G-7 and based on the existing P7 electric sedan.
In 2022, Xpeng plans to offer highly advanced driver-assist systems and a self-driving car service in its home market. And by 2025, Xpeng’s CEO said he sees EVs making up 50% of China’s “new energy vehicle” market, which includes hybrid-electric vehicles.
In September, the share of plug-in electric cars in China reached an all-time high of 20%, or one in five new cars, spearheaded by robust Tesla Model 3 and Y sales.
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Xpeng Stock, EV Stocks
Shares of Xpeng popped 10% to 47.65 on the stock market today. Xpeng stock briefly topped a 48.08 buy point in a choppy cup base, according to MarketSmith chart analysis. Despite sharp pullbacks this year amid China’s tech crackdown, XPEV stock has never traded below the IPO price of 15 since its August 2020 debut.
Among other EV stocks, Nio rose 5% while Tesla vaulted 7% to a fresh high. Hertz on Monday ordered 100,000 Tesla EVs as its rental car fleet looks to go electric. Li Auto (LI) advanced 5.3% and BYD (BYDDF) added 4.4% to another all-time high, rallying further on strong EV sales.
Last Thursday, Deutsche Bank analysts raised their price target on Xpeng stock by $6 to $57. They expect higher EV sales than previously seen for the emerging Tesla rival. They’re also bullish about the market for flying cars in China and Europe.
Xpeng continues to push tech innovations. This past summer, the EV startup unveiled the P5, an EV with an autonomous driving system enabled by 32 sensors, including 2 Lidar units and 13 high-definition cameras. It will bring highly automated driving from highways to city roads for the first time, Xpeng said.
That system is expected to be Level 3, which means drivers can hand over complete control to the car under certain conditions.
Find Aparna Narayanan on Twitter at @IBD_Aparna.
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