XPeng OTA Upgrade Conducted Cumulatively 380,000 Times

Rhea-AI Summary

XPeng Inc. (NYSE: XPEV) has reported a significant milestone with its smart EVs completing over 380,000 over-the-air (OTA) upgrades. Since January 2019, the company has rolled out 23 firmware updates for its G3 and P7 models, adding 134 new functions and optimizing 2,326 functions. XPeng's advancements in technology allow upgrades across various systems, including autonomous driving and battery management. The launch of the XPILOT 3.0 has enabled the company to monetize its software for the first time, with an attach rate exceeding 25% among eligible P7s.

Positive

• Over 380,000 OTA upgrades completed for smart EVs.
• XPILOT 3.0 launched, allowing for software monetization.
• Attach rate of XPILOT 3.0 among P7s increased to 25%.
• Daily penetration rate of intelligent voice assistant exceeded 90% for 23 months.

Negative

• None.

XPeng Inc. (“XPeng” or the “Company”, NYSE: XPEV), a leading Chinese smart electric vehicle company, said today that its smart EVs have cumulatively conducted 380,000 times of over-the-air upgrades.

XPeng P7 (Photo: Business Wire)

XPeng has released cumulatively 23 FOTA (firmware over-the-air) updates for G3 and P7 users, with 134 new functions add and 2,326 functions optimized from Jan 2019 to May 2021. The cumulative number of OTA upgrade conducted has exceeded 380,000 times for the same period.

Building on its rapid technology iterations powered by its full-stack in-house R&D capabilities and hardware-software integration solutions, XPeng is able to upgrade not only its autonomous driving, navigation, electronics and infotainment systems but also chassis, powertrain and battery management system via firmware OTA upgrades.

The Company released the XPILOT 3.0 to customers via FOTA upgrade in January 2021 and started to recognize revenues from XPILOT software, for the first time in its history. The Company expects XPILOT’s software monetization will become a recurring revenue model. XPeng is the only Chinese automaker that has been able to charge full-stack self-developed autonomous driving software separately.

Since mass deliveries of the P7 began in June 2020, the Company has delivered over 23,000 P7s as of March 31st, and on a cumulative basis the attach rate of XPILOT 3.0 among the eligible P7s has exceeded 20% as of March 31. Such attach rate further increased to approximately 25% in March 2021.

The daily penetration rate of XPeng's intelligent voice assistant has exceeded 90% for 23 consecutive months.

About XPeng

XPeng Inc. is a leading Chinese smart electric vehicle company that designs, develops, manufactures, and markets Smart EVs that appeal to the large and growing base of technology-savvy middle-class consumers in China. Its mission is to drive Smart EV transformation with technology and data, shaping the mobility experience of the future. In order to optimize its customers’ mobility experience, XPeng develops in-house its full-stack autonomous driving technology and in-car intelligent operating system, as well as core vehicle systems including powertrain and the electrification/electronic architecture. XPeng is headquartered in Guangzhou, China, with offices in Beijing, Shanghai, Silicon Valley, and San Diego. The Company’s Smart EVs are manufactured at plants in Zhaoqing and Zhengzhou, located in Guangdong and Henan provinces, respectively. For more information, please visit https://en.xiaopeng.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210528005416/en/