Chinese EV manufacturer and Tesla rival, XPeng Inc XPEV, envisions the potential for flying cars in China and around the world within the next five to ten years.
What Happened: Xpeng Co-President Brian Gu expressed this outlook during an interview with CNN Business at Beyond Expo Macao, where XPeng’s X2 eVTOL (electrical vertical takeoff and landing aircraft) was showcased.
“We think ultimately there is a big demand for consumers to own something that they can drive and fly at the same time,” Gu said.
The Xpeng X2, a battery-powered two-seater flying car, offers vertical landing and a maximum speed of 130 kmph. With manual and automatic flight driving modes, it is designed for short-distance, low-altitude city journeys.
According to Gu, three crucial factors must align for the success of the flying car industry: safety and cost-effectiveness of the vehicles, supportive government regulations, and customer acceptance. He anticipates these conditions will be met within the next five to ten years.
In terms of competition in the EV market, Gu emphasized that delivering three million vehicles annually is the minimum requirement to be among the top ten EV manufacturers.
Why It Matters: Gu said that “smartification” would be the next major trend in the market, beyond electrification, revolutionizing the way drivers interact with their vehicles.
The X2 was officially unveiled in July 2021, and XPeng Chairman He Xiaopeng previously announced plans for mass production and customer deliveries to begin in 2024.
Price Action: ADR shares of Xpeng closed over 11% higher at $9.86 on Monday and were up 3% in Tuesday’s premarket, according to data from Benzinga Pro.
Read More: Time For Tesla Financial Services? Morgan Stanley Analyst Thinks Now Is The Right Moment
Photo courtesy: Xpeng
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
