What happened
Shares of Chinese electric-vehicle maker Xpeng (XPEV +3.51%) were trading higher on Monday after the company made a major technology announcement and unveiled a new limited-run model at an auto show in Guangzhou, China.
As of 10:45 a.m. EST today, Xpeng's shares were up about 13.1% from Friday's closing price.
So what
In a presentation at Auto Guangzhou 2020, a major regional auto show, Xpeng said that it has upgraded its advanced driver-assist systems for its 2021 production models to incorporate lidar sensors for the first time.
The sensors are part of what Xpeng is calling its "next-generation autonomous driving architecture," a complete system that includes cameras, radar, ultrasonic sensors, the new lidar units, and an automotive-grade high-performance computer.
CEO He Xiaopeng said that his company will be the first automaker to offer lidar sensors in a production model. While Xpeng, like several other automakers, already offers a hands-free highway-driving system, the lidar-enhanced architecture will enable hands-free driving in lower-speed urban situations as well.
Xpeng said that it will build a limited-edition "Wing" version of its P7 sedan. Image source: Xpeng Motors.
Xpeng also showed a limited-edition version of its P7 electric sedan fitted with Lamborghini-style "wing" doors. The P7 Wing, as it's called, will be available in both high-performance and super-long-range trims for a limited time.
Now what
Xpeng's sales momentum looks likely to continue for a while longer. The company said on Nov. 12 that auto investors should expect it to deliver about 10,000 vehicles in the fourth quarter, generating revenue around 2.2 billion yuan ($334 million). Both would be sequential increases: Xpeng generated revenue of $293.1 million in the third quarter on deliveries of 8,578 vehicles.
