Xpeng (NYSE:XPEV) stock is on the move Thursday after the Chinese EV company expanded its assisted driving technology to Beijing.
With this expansion, drivers in Beijing can make use of Xpeng’s City Navigation Guided Pilot (NGP). The driving assistance system is able to handle urban areas of the city with major ring roads and expressways.
Owners of the XPENG G9 Max, P7i Max, and XPENG P5 P will be able to use the City NGP tech following an over-the-air update. The builds on the ability of drivers in Guangzhou, Shenzhen, and Shanghai that have already had access to the service.
Xpeng’s City NGP Expansion Plans
Xpeng notes that it also has plans to expand its City NGP to other cities in China. If all goes well, the company anticipates bringing the technology to dozens of cities by the end of the year.
Xpeng said the following about these plans in a press release:
“In the second half of 2023, XPENG will gradually release its ADAS functions for Chinese cities or urban areas without HD map coverage. It also plans to offer customized NGP capabilities for daily commuting nationwide. These initiatives will cater to a wider range of driving scenarios and provide enhanced intelligent driving experiences for users in various environments.”
XPEV stock is up 2.4% as of Thursday morning and is up 8.9% since the start of the year.
Investors looking for more of the most recent stock market news will want to keep reading!
We have all of the hottest stock market coverage that traders will want to read about on Thursday! Among that is why shares of Chinese stocks are up today, as well as the latest news concerning OncoSec Medical (NASDAQ:ONCS) and Bone Biologics (NASDAQ:BBLG) stock. You can catch up on all of this news at the links below!
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On the date of publication, William White did not have (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.
