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Xpeng stock price edges higher after launching new autonomous driving features

By: Invezz

China-based electric vehicle manufacturer Xpeng Motors (NYSE: XPEV) has launched its autonomous highway driving features, posing an increased threat to Tesla in the largest auto market in the world.

Fundamental analysis: Challenging Tesla in China

The new feature is called the Navigation Guided Pilot (NGP) and was announced this month. It enables drivers to automatically switch lanes, change the speed, overtake other cars as well as enter and exit highways.

Before being able to use the highway driving function, drivers will be required to watch a safety video. Also, drivers have to keep their hands on the wheel when using the new features. 

NGP represents the part of the next-gen of Xpeng’s XPILOT 3.0 “advanced driver-assistance system” (ADAS). Drivers who have paid for the premium version of Xpeng’s P7 sedan will be able to download NGP via WiFi. 

The new version of the operating system, Xmart OS 2.5.0 will become available to all P7 drivers, the carmaker said. The update will bring an improved voice assistant and several in-car apps. 

Xpeng is looking to promote its software and advanced driver-assistance system in a bid to distinguish itself from its local rivals Nio and Li Auto but also to challenge the EV giant Tesla, which has its own autonomous ADAS named Autopilot. 

Technical analysis: 7-week highs hit

Xpeng stock price dropped about 3% higher yesterday on profit taking after initially hitting the $60.00 mark for the first time since the beginning of December. 

Xpeng daily chart (TradingView)

Shares are now moving higher within an ascending wedge. The zone around the $60.00 mark will act as resistance while levels just above the $50.00 handle are offering an attractive buying opportunity.

Summary

Chinese electric automaker Xpeng Motors has added additional features to its autonomous highway driving features in an effort to challenge local rivals Nio and Li Auto, as well as Tesla.

The post Xpeng stock price edges higher after launching new autonomous driving features appeared first on Invezz.

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