Why XPeng Stock Is Accelerating Higher Today

XPeng Inc XPEV shares are trading higher Monday after the company launched a new platform which will cut its R&D cycle by 20%.

What Happened: Chinese EV maker XPeng unveiled its new integrated technology architecture over the weekend. The new platform architecture called SEPA2.0 offers a series of more advanced architectural solutions expected to shorten the R&D cycle of future vehicle models by 20%.

"80% of architectural components will be compatible with new models, enabling XPENG to meet diverse customer needs at optimized costs," the company said.

The first production model built on the new platform is expected to debut at Auto Shanghai 2023 on Tuesday. SEPA2.0 can be scaled to support a wide range of vehicle types.

"We envision that this evolutionary intelligent architecture will lead smart EV technology development for the next three years. It will make rapid advancements in technology available for our customers as standard, with faster software upgrades, stunning cost savings and elevated product experience," said He Xiaopeng, chairman and CEO of XPeng.

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XPEV Price Action: XPeng shares were up 11.7% at $11.08 at the time of publication, according to Benzinga Pro.

Photo: courtesy of XPeng.