XPeng Bets On Driver Assistance Software In China By 2024, Level Competition With Tesla - XPeng (NYSE:XPEV)

On Friday, XPeng Inc XPEV said it is upgrading its advanced driver assistance software and plans to make all its functions available to drivers across China by 2024.
XPeng's XNGP Advanced Driver Assistance System (ADAS) is similar to Tesla Inc's TSLA Full Self-Driving (FSD) technology, which the U.S. automaker rolled out four years ago but has yet to make available in China, Reuters reports.
XPeng currently offers XNGP in Shanghai, Guangzhou, and Shenzhen for the drivers of its G9 Max and P7i Max cars, said XPeng's vice president Wu Xinzhou at a media event on Friday.
Also Read: XPeng Q4 Highlights: Registers 47% Decline In Deliveries, Expects Q1 Deliveries Of 18K-19K, Updates On Cost Control Measures
During the remainder of the year's first half, XPeng plans to update the system to enable vehicles in more cities to react to traffic lights and avoid obstructions like construction work, pedestrians, and cyclists at intersections.
Further updates in the second half would enable vehicles to automatically change lanes, overtake, and turn left or right.
XPeng aims for the software to be available and functional across China by 2024.
XPeng is also changing its technology so that future XNGP updates can rely on algorithms and sensors.
XPeng is counting on the technology to win customers after its car sales fell more than 40% to 11,228 in the first two months of the year, underperforming the overall EV segment in China. Tesla sold 60,766 EVs in China in the same period, 43% more than a year ago.
Price Action: XPEV shares traded lower by 0.75% at $11.31 on the last check Friday.

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