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Investing.com — Chinese electric vehicle firm XPeng Inc (NYSE:XPEV) has been initiated with a Buy rating at HSBC and a $37 price target on Friday.
Analyst Yuqian Ding told investors in a research note that XPeng has built all of its autonomous driving software in-house and from scratch, like Tesla (NASDAQ:TSLA), which is something no other domestic EV firms have done.
He added that XPeng’s latest autonomous driving system is one of the best in China and enables autonomous driving on highways.
As a result, Ding anticipates XPeng’s “leading and differentiated smart driving experience to boost its brand equity and sales,” with the company’s solid product cycle helping to support “rapid” growth.
XPeng shares jumped 9% premarket and currently trade 3.6% higher in the regular session after it reported deliveries for March. So far, in 2022, the stock is down 43.3%.
