Xpeng shares rise 5.01% intraday after launching L4 autonomous driving tests and AI-powered luxury SUV GX.

Xpeng (XPEV) rose 5.01% intraday following announcements of progress in autonomous driving and AI integration. The company began open-road testing of its GX SUV for L4 autonomous driving, a significant milestone in its technology roadmap, and highlighted the GX’s AI-powered luxury features tailored for the 2024 family market. These developments underscore Xpeng’s strategic focus on innovation and expanding its product appeal, aligning with positive investor sentiment. While Citi slightly reduced its price target, maintaining a Buy rating, the intraday surge was likely driven by confidence in Xpeng’s technological advancements and market positioning.