Tesla (NASDAQ: TSLA) may soon have a real rival hot on its heels, after local Chinese EV manufacturer Xpeng Motors revealed a new driver assistance tech system that may give Elon Musk a run for his money.
It appears that Chinese EV startup Xpeng is looking to upscale Tesla, and has released several new updates to its autonomous driving system. As reported by the South China Morning Post, Xpeng released a new version of its advanced driver-assistance program called XPILOT 3.5, which will now allow vehicles to accelerate or slow down, change lanes, enter and exit highways, and even overtake other cars. Prior to the update, such features were only designed for highway use; now, the XPILOT 3.5 can be used in cities as well.
The upgrade is slated for debut sometime in the first half of 2022, and will be made available on Xpeng’s P5 vehicle, which recently hit the market this year. In the meantime, Xpeng also released details surrounding an even more cutting-edge version of its advanced driver-assistance program, called XPILOT 4.0, which is slated for launch sometime in 2023 and threatens to rival Tesla’s flagship Autopilot. The XPILOT 4.0 is said to be powered by upgraded hardware, and will include features such as vehicle switch-on to assisted parking.
Moreover, to further add competition to what is becoming an increasingly overcrowded EV market, Xpeng has also designed a new charger for its vehicles, one that will supposedly charge the battery to a range of 200 kilometres within 5 minutes.
Information for this briefing was found via the SCMP. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.