At the Guangzhou International Automobile Exhibition in China, the Chinese electric vehicle manufacturer, XPeng Motors (XPEV), revealed its new electric SUV, G9, which is also the company’s fourth production model.
The car, which is designed for both domestic (Chinese) and international markets, is planned to be launched in China in the third quarter of 2022.
“G9 is our first model to be conceived and developed from the ground up for both the international and Chinese markets, bringing our most sophisticated designs to our customers worldwide,” the Co-Founder of XPeng, Henry Xia, said in a press release.
G9 is the XPeng’s first model, which is equipped with Xpilot 4.0, the company’s advanced driver-assistance system (ADAS). The ADAS is likely to be in markets in the first half of 2023. Furthermore, the car incorporates the X-EEA 3.0 electronic and electrical architecture and the new generation XPower 3.0 powertrain and supercharging system.
Xpilot feature aids the car with semi-autonomous features, including lane switching. Additionally, the G9 will feature Light Detection and Ranging (Lidar) technology.
On November 11, Citigroup analyst Jeff Chung maintained a Buy rating on the stock and increased the price target to $87 (85.54% upside potential) from $53.40.
Chung remains bullish on the medium-term outlook for China’s new energy vehicle market. He expects China electric vehicle makers to gain market share in 2022 and 2023 and outperform in the race of the best autonomous driving technology.
Shares of the company have exploded almost 61% over the past six months. Overall, XPeng has a Strong Buy consensus rating based on 6 unanimous Buys. The average XPeng price target of $63 implies 34.36% upside potential.
According to the new TipRanks’ Risk Factors tool, XPeng is at risk mainly due to three factors: Finance and Corporate, Legal and Regulatory, and Production, which contribute 36%, 24% and 14%, respectively, to the total 99 risks identified for the stock.
CVS Health to Commence New Retail Footprint Strategy with Closure of 900 Stores
NIKE Bumps Up Quarterly Dividend by 11%
Clover Health Prices Class A Common Stock Offering Worth $300M