XPEV - Xpeng commits to investing in AI: find out more

2024-02-19 08:14:21 ET

Xpeng Inc (NYSE: XPEV) is in focus this morning after the electric vehicles company announced plans of going on a hiring spree.

Xpeng to hire 4,000 new employees

The EV maker based out of Guangzhou, China will hire a total of around 4,000 new employees.

It will also invest ¥3.5 billion ($486.2 million) in artificial intelligence to enhance “intelligent driving” on its vehicles, as per He Xiaopeng – the chief executive of Xpeng Inc.

“Xpilot” – its driver assistance system is currently capable of handling only some features semi-autonomously.

The news arrives about a month before Xpeng is scheduled to report its financial results for the fourth quarter. Consensus is for it to lose 29 cents a share versus 40 cents per share a year ago.

Xpeng to launch a range of new vehicles

Xpeng also revealed plans of launching some 30 new/upgraded vehicles by the end of 2026 today. The first of these models will be available later this year at about ¥150,000 and over ¥300,000.

CEO Xiaopeng did acknowledge the intense competition within the EV space on Monday but expressed confidence that his firm has “bottom out and charted a path that distinguishes” it from peers.

Note that the Chinese car company is considering switching to pure vision from LiDAR, as per sources that talked to HiEV earlier this month on condition of anonymity.

Wall Street currently has a consensus “overweight” rating on that is down nearly 60% versus its 52-week high at writing.

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