XPeng (NYSE:XPEV) stock opened in the green today following the company’s 1024 Technology Day. At the event, the company unveiled several new advancements, such as XNet, an upgraded “equine robot prototype” and the latest version of its flying car.
XNet is XPeng’s “next-generation neural network-based software architecture.” The software will be equipped with in-house neural network visual recognition, an evolving data algorithm and decision-making abilities. It will also be powered by Fuyao, “China’s largest supercomputing center for autonomous driving.” Fuyao’s technology can achieve 600PFLOPS, which can increase autonomous driving (AD) model “training efficiency” by over 600 times.
XPeng Autonomous Driving Vice President Dr. Xinzhou Wu had the following to say about these developments:
“Enhancing customer experience through innovation is our ultimate goal. We are implementing the most advanced driver assistance in mass-produced vehicles in complex urban driving environments, a huge leap forward as we work to build our autonomous driving capabilities.”
XPEV Stock: Bank of America Reiterates $31 Price Target
XNet wasn’t the only development XPeng touted at its 1024 Technology Day. In addition, XPeng’s upgraded equine robot now comes with a new design, improving its multi-degree-of-freedom (MDOF) motion and locomotion capabilities. Better motion control will help the pony-like robot move in a range of environments, such as “stairs, steep slopes and gravel roads.” The robot is also equipped with a thermal management system and advanced computing platform.
At the event, XPeng affiliate Aeroht also showed off the latest version of its electric vertical take-off and landing (eVToL) flying car, called the X2. The car was updated with a “new distributed multi-rotor configuration” and other changes to help increase its safety and reliability. Last week, the X2 took off for its maiden flight in Dubai, hovering for a total of 90 seconds. Chief aviation specialist Liu Xinyin noted that the X2 is almost sufficient enough for public use, although strict regulations may push its release date well into the future.
Following Technology Day, Bank of America reiterated its “buy” rating and price target of $31 on XPeng. Analyst Ming Hsun Lee added:
“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.”
Across the board, XPEV stock has an average price target of $30.25 among 22 firms with coverage of shares.
On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.