Chinese EV major XPeng (NYSE:XPEV) is planning to introduce its driver-assist technology, XNGP, in Europe by the end of 2024. The company intends to expand the technology to 50 cities in China by the end of this year.
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However, Brian Gu, Xpeng’s Honorary Vice Chairman and Co-President, mentioned that the company needed more time for testing and localization of its driver-assist software in the European market. The company is currently working with EU regulators to ensure compliance with GDPR data protection rules and addressing the EU’s concerns regarding subsidies to Chinese EV companies.
According to the company, Xpeng’s driver-assist technology has gained popularity in China, with more than 90% of drivers in Beijing using the technology. Meanwhile, Tesla’s (TSLA) Full Self-Driving Beta is still awaiting release in China, subject to regulatory approval.
Is XPEV Stock a Buy or Sell?
Analysts are cautiously optimistic about XPEV stock with a Moderate Buy consensus rating based on seven Buys, three Holds and two Sells. The average XPEV stock price target is $19.71, implying an upside potential of 39.7% at current levels.
