XPeng (NYSE:XPEV) has been on a losing streak lately, but it may be over as soon as next week. The Chinese electric vehicle (EV) producer has announced that its 2023 Tech Day will be held on Oct. 24. For English speakers, a translated replay of the event will be made available the following day.
In a statement released this morning, XPeng promised to “unveil its cutting-edge technology roadmap for autonomous driving and mobility ecosystem, including its Smart EVs and robotics” at the event. This news hasn’t been enough to drive XPEV stock up today. But that doesn’t mean momentum won’t start building as Oct. 24 draws closer.
What should investors be watching for once Tech Day unfolds? Let’s take a closer look.
Keep an Eye on XPEV Stock
Despite the announcement of what should be a hype-driving event, XPEV stock is down more than 10% today. With 2023 Tech Day approaching, investors may be wondering why shares have fallen so hard.
This negative momentum may have been sparked in part by geopolitical tensions, although not from China. The company recently expanded into the Middle East but the severe conflict between Israel and Hamas has caused investors to suspect that its new mission may be sidetracked. Since the war broke out, XPEV stock has been trending downward steadily.
Thankfully for investors, though, the upcoming event could spark some new momentum for the firm. Right now, interest in both autonomous driving (AD) technology and flying cars is high and only getting higher. As InvestorPlace contributor Chris MacDonald notes, XPeng is working hard to offer investors exposure to both of these markets. At the upcoming event, the company seems poised to offer updates on both of these fronts, which could boost shares.
On top of that, XPeng is also making progress developing its EVs and getting them on the road through lucrative new partnerships. As MacDonald reports:
“XPeng’s August vehicle deliveries soared 43% YoY to 13,690. The company is set to expand into France, Germany, and Britain by 2024. XPeng is collaborating with Volkswagen (OTCMKTS:VWAPY) on two mid-sized EVs for the Chinese market, with a $700 million investment from VW. Additionally, it acquired [Didi Global’s (OTCMKTS:DIDIY)] smart electric car development business for $744 million, facilitating its entry into the mass market with lower-priced EVs.”
All this indicates that this company is highly focused on growth and being a part of the next innovation wave. Additionally, the firm’s 2023 Tech Day announcement briefly mentioned robotics. If the company has any updates to share on this front, that could be a boon to share prices as well.
The Road Ahead
While things have been complicated for XPeng lately, the company has still displayed some impressive growth. Despite falling over 20% this month, XPEV stock is still up more than 35% for the past six months. Now that the firm’s 2023 Tech Day is quickly approaching, momentum is also likely to build as investors grow more optimistic about self-driving vehicles, flying cars and more.
All told, XPeng has a chance to emerge from the current market downturn as a winner, assuming it has positive developments to share on Oct. 24. Wall Street will certainly be waiting to see.
On the date of publication, Samuel O’Brient 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.
