Xpeng (XPEV) – Get Report will debut the Xpeng P5 smart sedan on Wednesday, which the Chinese electrical vehicle maker said is the world’s first mass-produced smart EV equipped with automotive-grade LiDAR technology.
Shares were climbing 3.4% to $35.63 on Monday.
The Xpeng P5 is the company’s third production model. LiDAR, or light detection and ranging, is a system that helps provide vision for autonomous vehicles.
The system will be powered by Xpeng’s full-stack in-house developed autonomous driving system XPILOT.
The Xpeng P5 will be featured at the Auto Shanghai 2021 on April 19.
In March, Xpeng reported a narrower fourth-quarter loss and vehicle deliveries that beat its own expectations due to stronger consumer demand for electric cars, particularly in China.
Earlier this month, the company said it delivered 13,340 Smart EVs in the first quarter of 2021, a record 487% increase year over year. In March, Xpeng delivered 5,102 Smart EVs, a 384% increase year over year and a 130% increase month over month.
Xpeng said it lost 787.4 million yuan ($121 million) in the fourth quarter compared with a loss of 997.1 million yuan in the same period a year ago. On a per-depositary-share basis, Xpeng lost an adjusted RMB0.95 vs. RMB6.28 per ADS a year ago.
Meanwhile Xpeng rival Tesla (TSLA) – Get Report was climbing Monday after Canaccord analyst Jed Dorsheimer raised his rating on the company to buy from hold and raised his price target by 155% to $1,071.
Dorsheimer said Tesla was poised to “radically” change the battery power market with its industry-leading technology and production capacity, adding that its successful transition to mass-market electric vehicle production will allow it to “attack and conquer another trillion-dollar market in energy generation and storage.”