Passenger drones could make the dream of the flying car come true. The electric car manufacturer Xpeng (NYSE:XPEV) is also surprising with the study of a drone that can accommodate up to two passengers. The aircraft was presented at the automobile fair in China that is held from September 26th till October 5.
According to Xpeng, the drone will have “exciting” autonomous functions similar to the electric cars currently equipped with Nvidia chips. The passenger drone is still a study – when it will be built is unclear. The main fantasy remains the moving cars. JP Morgan recommends buying the XPEV stock. E-car penetration will triple in China to 13 percent by 2025 and Xpeng will grow by an average of 73 percent annually until then.
In other news Xpeng started building a new factory with the help of Guangzhou GET Investment, a wholly owned investment company of Guangzhou Economic and Technological Development Zone.
“We are very excited to be selected as a key player in the Guangzhou Economic and Technological Development Zone,” said He Xiaopeng, Chairman and CEO of XPeng. “With the strong support from the Guangzhou government, we are confident we will execute on our strategic growth initiatives and deliver the highest quality products and services to meet our customers’ needs.”
In addition to its wholly owned plant in Zhaoqing, Guangdong province, which has an annual production capacity of 100,000 units, XPeng’s new Smart EV Manufacturing Base in Guangzhou will significantly expand the Company’s production capacity.
Xpeng seems to be accelerating its road to success. Will the stock price follow?