He Xiaopeng: XPENG-W to Bypass L3 Autonomous Driving and Launch L4 Mass Production; Anticipated Annual R&D Investment Over RMB 4.5 Billion
XPENG's Autonomous Driving Strategy: XPENG plans to skip L3-level autonomous driving and instead focus on launching a mass-produced model with L4 capabilities by 2026, citing the complexity of legal responsibilities and limited user value of L3.
High Definition Maps Upgrade: The company aims to complete the upgrade of high definition maps in major Chinese cities within the year to enhance real-time data support for its vehicles.
Expansion of R&D Team: XPENG is expanding its intelligent team to over 3,500 members to bolster its development efforts.
Investment in Research and Development: The company is committing to an annual R&D investment of at least RMB4.5 billion to support its technological advancements.
Trade with 70% Backtested Accuracy
Analyst Views on 09868
About the author
<Research>CMSI Remains Positive on XPENG-W (09868.HK) Smart Driving Division, Maintains Overweight Rating
CMSI Research Report: CMSI participated in XPENG-W's second-generation VLA test drive event, showcasing stable vehicle performance across various urban conditions with participants largely achieving zero takeovers.
Market Outlook: UOB Kay Hian noted that the US-Iran conflict is driving up oil prices and accelerating the popularity of electric vehicles (EVs), with optimism surrounding XPENG's technological advancements in intelligent driving.
Future Prospects: The development of the VLA system is expected to enhance XPENG's robotics business, which is anticipated to achieve mass production this year, further boosting the company's competitiveness.
Investment Rating: CMSI maintained an Overweight rating on XPENG-W, setting target prices of $115 for H-shares and $29 for US stocks, with plans to reassess after the company's results announcement in March.
He Xiaopeng: Over 10% of Revenue from Technical R&D Historically; Anticipates Profit from Technology in Second Half of 2026 to 2027
Company's Infrastructure Development: He Xiaopeng, Chairman and CEO of XPENG-W, stated that 2023 is the final year for the company's infrastructure development across various dimensions, including organizational, product, and technology.
Future Globalization Plans: The company plans to accelerate its globalization process comprehensively between 2027 and 2028, with a historical investment in R&D exceeding 10% of revenue.
He Xiaopeng Calls for Accelerating the Development of Auto Driving Regulations and Technology from Level 2 to Level 4
He Xiaopeng's Proposals: He Xiaopeng, Chairman and CEO of XPENG-W, proposed advancements in autonomous driving technology from L2 to L4 during the National People's Congress, emphasizing the need for improved regulations and management policies.
Transitioning Policies: He suggested maintaining the stability of the L2 safety regulatory system while facilitating the transition to L4 policies, simplifying the steps to L3, and clarifying registration and traffic management for L4 vehicles.
He Xiaopeng Suggests Gradual Tax Cuts for Flying Cars During Two Sessions
He Xiaopeng's Proposals: He Xiaopeng, Chairman of XPENG-W, proposed delegating low-altitude airspace management authority during the 2026 Two Sessions.
Taxation for Flying Cars: He suggested categorizing taxes for airworthy flying cars and implementing phased tax reductions to lower R&D, production, and marketing costs, aiming to boost market demand.
He Xiaopeng: XPENG-W to Bypass L3 Autonomous Driving and Launch L4 Mass Production; Anticipated Annual R&D Investment Over RMB 4.5 Billion
XPENG's Autonomous Driving Strategy: XPENG plans to skip L3-level autonomous driving and instead focus on launching a mass-produced model with L4 capabilities by 2026, citing the complexity of legal responsibilities and limited user value of L3.
High Definition Maps Upgrade: The company aims to complete the upgrade of high definition maps in major Chinese cities within the year to enhance real-time data support for its vehicles.
Expansion of R&D Team: XPENG is expanding its intelligent team to over 3,500 members to bolster its development efforts.
Investment in Research and Development: The company is committing to an annual R&D investment of at least RMB4.5 billion to support its technological advancements.
2026 XPENG X9 Pure Electric Model Launched with a Starting Price of RMB309,800
Company Announcement: XPENG-W (09868.HK) has launched the 2026 XPENG X9 Pure Electric Edition, featuring advanced technology and design elements.
Product Features: The new model includes 800V+5C ultra-fast charging, a Turing AI chip, active rear-wheel steering, and innovative seating with dual zero-gravity airbags.
Pricing and Variants: The 2026 XPENG X9 is available in five variants, priced between RMB309,800 and RMB369,800.
Market Context: The stock is currently experiencing short selling activity, with a ratio of 30.460% and a short selling value of $168.54 million.
<Research>CMSI Remains Positive on XPENG-W (09868.HK) Smart Driving Division, Maintains Overweight Rating
CMSI Research Report: CMSI participated in XPENG-W's second-generation VLA test drive event, showcasing stable vehicle performance across various urban conditions with participants largely achieving zero takeovers.
Market Outlook: UOB Kay Hian noted that the US-Iran conflict is driving up oil prices and accelerating the popularity of electric vehicles (EVs), with optimism surrounding XPENG's technological advancements in intelligent driving.
Future Prospects: The development of the VLA system is expected to enhance XPENG's robotics business, which is anticipated to achieve mass production this year, further boosting the company's competitiveness.
Investment Rating: CMSI maintained an Overweight rating on XPENG-W, setting target prices of $115 for H-shares and $29 for US stocks, with plans to reassess after the company's results announcement in March.
He Xiaopeng: Over 10% of Revenue from Technical R&D Historically; Anticipates Profit from Technology in Second Half of 2026 to 2027
Company's Infrastructure Development: He Xiaopeng, Chairman and CEO of XPENG-W, stated that 2023 is the final year for the company's infrastructure development across various dimensions, including organizational, product, and technology.
Future Globalization Plans: The company plans to accelerate its globalization process comprehensively between 2027 and 2028, with a historical investment in R&D exceeding 10% of revenue.
He Xiaopeng Calls for Accelerating the Development of Auto Driving Regulations and Technology from Level 2 to Level 4
He Xiaopeng's Proposals: He Xiaopeng, Chairman and CEO of XPENG-W, proposed advancements in autonomous driving technology from L2 to L4 during the National People's Congress, emphasizing the need for improved regulations and management policies.
Transitioning Policies: He suggested maintaining the stability of the L2 safety regulatory system while facilitating the transition to L4 policies, simplifying the steps to L3, and clarifying registration and traffic management for L4 vehicles.
He Xiaopeng Suggests Gradual Tax Cuts for Flying Cars During Two Sessions
He Xiaopeng's Proposals: He Xiaopeng, Chairman of XPENG-W, proposed delegating low-altitude airspace management authority during the 2026 Two Sessions.
Taxation for Flying Cars: He suggested categorizing taxes for airworthy flying cars and implementing phased tax reductions to lower R&D, production, and marketing costs, aiming to boost market demand.
He Xiaopeng: XPENG-W to Bypass L3 Autonomous Driving and Launch L4 Mass Production; Anticipated Annual R&D Investment Over RMB 4.5 Billion
XPENG's Autonomous Driving Strategy: XPENG plans to skip L3-level autonomous driving and instead focus on launching a mass-produced model with L4 capabilities by 2026, citing the complexity of legal responsibilities and limited user value of L3.
High Definition Maps Upgrade: The company aims to complete the upgrade of high definition maps in major Chinese cities within the year to enhance real-time data support for its vehicles.
Expansion of R&D Team: XPENG is expanding its intelligent team to over 3,500 members to bolster its development efforts.
Investment in Research and Development: The company is committing to an annual R&D investment of at least RMB4.5 billion to support its technological advancements.
2026 XPENG X9 Pure Electric Model Launched with a Starting Price of RMB309,800
Company Announcement: XPENG-W (09868.HK) has launched the 2026 XPENG X9 Pure Electric Edition, featuring advanced technology and design elements.
Product Features: The new model includes 800V+5C ultra-fast charging, a Turing AI chip, active rear-wheel steering, and innovative seating with dual zero-gravity airbags.
Pricing and Variants: The 2026 XPENG X9 is available in five variants, priced between RMB309,800 and RMB369,800.
Market Context: The stock is currently experiencing short selling activity, with a ratio of 30.460% and a short selling value of $168.54 million.
