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Xpeng Stock Jumps After Setting Autonomous Driving Record

Sam Boughedda trader
Updated 31 Mar 2021

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Xpeng EV

Shares of smart electric vehicle firm Xpeng (NASDAQ: XPEV) are rallying on Wednesday after the company announced it has set the record for the longest autonomous drive.

The Chinese EV company said the XPeng P7 fleet, which drove over 3,600+ km from Guangzhou to Beijing with 2,930 km highway driving under the control of the NGP (Navigation Guided Pilot), achieved an average of 0.71 human driver interventions per 100 km, setting a new benchmark for long-distance autonomous driving by mass production passenger vehicles.

The average success rate for lane changing and overtaking while under the NGP control was 94.41% during the 8-day expedition, starting from Guangzhou on 19 March and ending in Beijing on 26 March.

The average highway ramp entering and exiting success rate was 92.76%, and the average tunnel pass-through success rate was 94.95%.

According to Xpeng, the NGP delivered a stable performance in rainstorm conditions, passing through tunnels and highways in mountain areas during the 8-day expedition.

“The expedition has fully challenged the robustness and reliability of the NGP function. The results demonstrate that it is not only the strongest, but also the easiest to use autonomous driving function for production vehicles available in the market,” said He Xiaopeng, Chairman and CEO of XPeng.

Xpeng Shares…

XPEV Price Chart
Source: IG

Xpeng’s share price opened up Wednesday’s session at $34.58. They are now trading 4% above Tuesday’s close at $35.17.

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Sam is a trader and lead stock market writer at AskTraders. After starting his career in the forex market, Sam now focuses on stocks, specifically consumer staples.