RIVN - XPeng Teases an SUV and a Flying Car
On Friday, Xpeng Inc (NYSE: XPEV) teased a new sports utility EV which will be launched this week. Earlier in October, it touted a flying car that can also operate on roads during the company’s Tech Day. Xpeng’s rivals, also start-ups, Li Auto Inc (NASDAQ: LI) and Nio Inc (NYSE: NI) both have electric SUVs on the market, not to mention Tesla Inc’s (NASDAQ: TSLA) Model X.
The SUV
Adding to the existing two sedans, its flagship P7 sedan and the P5, the new model is likely to be the successor to Xpeng’s current SUV the G3 and G3i. The launch is scheduled for November 19th, during the Guangzhou auto show.
Xpeng delivered 10,138 cars in October, more precisely 3,657 of G3 and G3i SUV, reaching a monthly record since the vehicle’s launch in December 2018. As for P7, 6,044 units were delivered, representing a 187% YoY increase. As for P5 sedan that was officially launched in September, 437 units were delivered.
More importantly, it delivered more than 10,000 for the second month in a row, slightly lower than September’s figure but up 233% from last year. As of the end of October, cumulative deliveries surpassed 100,000. This year alone, XPeng delivered 66,542 vehicles, which translates to a 289% YoY rise.
The flying car
Back in October, Xpeng’s affiliate, HT Aero, revealed a new car to supposedly conquer both the sky and the roads. The rollout in 2024. The vehicle’s design will be light, including rotors that can fold for the car to be driven on roads and expand for it to be able to fly.
However, the company warned that the final design is subject to changes with the car not yet being commercially available. Speaking of safety, parachutes will be among the features. Back to reality, there are several challenges ahead for those vehicles to be used widely, with the top being regulation and safety issues. The new land and air vehicle was teased during Xpeng’s Tech Day where the company also unwrapped the Xpilot 4.0, the latest version of its advanced driver assistance system.
A competitive environment
Besides established EV players and legacy automakers venturing out in this evolutionary field, many new challengers are hoping to crack the electric car market. One example is Xiaomi Corporation (OTC: XIACF)(OTC: XIACY) which announced plans to mass produce electric cars in the first half of 2024 aside from smart phones it is known for. Besides enjoying a strong public debut, EV start-up Rivian Automotive Inc (NASDAQ: RIVN) has 55,400 preorders for its SUV and R1T, with Hercules Alpha and Atlis XT electric pickups scheduled to hit the road next year, equipped with Worksport Ltd’s (NASDAQ: WKS) revolutionary Terra Vis solar technology. The schedule of these EV debuts show how far we’ve come, hopefully on our way to a greener future.
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