- The stock price of Xpeng Inc (NYSE: XPEV) has received a $54.10 price target by B of A Securities. These are the details.
The stock price of Xpeng Inc (NYSE: XPEV) has received a $54.10 price target by Bank of America Securities. And Bank of America Securities analyst Ming Hsun Lee reiterated a “Buy” rating on the company shares.
Lee also noted that Xpeng is also expected to see an acceleration in sales growth. Xpeng’s collaboration with leading Lidar maker Livox will be used for deploying automotive-grade technology in the automaker’s new production model in 2021. Livox had customized its Horiz sensor (the automotive-grade version of its Livox Horizon) for Xpeng for meeting automotive-grade requirements, delivering cost efficiency, and reliability for production models. And the implementation of lidar in XPILOT architecture – Xpeng’s autonomous driving system – will further enhance XPILOT’s safety as well as the ability for covering a comprehensive range of driving scenarios. Xpeng’s new 2021 production model is going to be the world’s first mass-produced smart EVs equipped with lidar, solidifying Xpeng’s position in smart EV technology.
And Lee also pointed out that Xpeng has plans for two lidars, one on each side of the vehicle — which will offer a 180-degree field of view on the front side. Another advantage Xpeng has over its rivals is that the company designs a full stack of software in order to collect perception data for improving on its database. Bank of America is also bullish on Xpeng’s ability to build out autonomous functions to drive more customers and increase sales volumes.
Today Xpeng was also trading higher after the company said it secured a new $2 billion credit line in order to help it expand sales and manufacturing. The credit line was secured from five Chinese banks. WIth the credit line, Xpeng is going to support expansion of manufacturing, sales, and services.
Disclosure: I have a small XPEV position in my stock portfolio.