Tianfeng Securities: XPENG-W disclosed progress on self-developed world model, maintaining a "Buy" rating

According to the Zhitong Finance APP, Tianfeng Securities released a research report stating that as a manufacturer with a full-stack self-research system, XPeng-W (09868) has a clearer rhythm for its subsequent self-developed chips, robots, intelligent driving, and base world models. The global debut of the X9 comes standard with a pure vision version and rear zero-gravity seats. With a starting price of 359,800 yuan, the firm expects sales to surpass the previous generation level. Meanwhile, the XPeng G7 and the new range-extended models in the second half of the year may soon arrive, with a focus on XPeng, which is expected to maintain strong product capabilities throughout the year while positioning and pricing are likely to continue to exceed expectations. The company is projected to achieve revenues of 93.59 billion, 140.22 billion, and 169.58 billion yuan in 2025, 2026, and 2027, respectively. The rating is maintained at "Buy."

Key Points from Tianfeng Securities:

Event: On April 14, 2025, XPeng held an AI technology sharing session in Hong Kong, revealing for the first time that it is developing a super-large-scale autonomous driving model with 72 billion parameters, known as the "XPeng World Base Model." It also officially launched the 2025 model of the new XPeng X9 and announced that the XPeng Turing AI chip will go into mass production in the second quarter, with L3-level intelligent driving expected to be realized by the end of 2025. Flying cars are anticipated to achieve mass production and delivery in 2026, and the XPeng AI robot Iron is expected to enter industrial-scale production in 2026.

XPeng Reveals Progress on World Model with Three Major Milestones

XPeng disclosed for the first time the progress of its super-large-scale autonomous driving model with 72 billion parameters. XPeng has established the first large-scale intelligent computing cluster in the domestic automotive industry to support the pre-training, post-training, model distillation, and vehicle-side model training tasks for the base model. Currently, the "cloud model factory" has a computing power of 10 EFLOPS, and the cluster's operational efficiency has consistently maintained above 90%. The full-link iteration cycle from cloud to end can reach an average of once every five days. In the development of the basic model, XPeng disclosed three milestone successes: 1) Scaling Law continues to be effective in the field of autonomous driving; 2) Successful implementation of basic model control on the vehicle side with post-installed computing power; 3) Initiation of training for the 72B parameter base model and establishment of a model training framework for reinforcement learning.

XPeng World Model Parameter Scale Expected to Reach 72 Billion with Long-Chain Reasoning Ability

The XPeng R&D team has developed multiple sizes of base models using high-quality autonomous driving training data and is currently advancing the development of the 72B (72 Billion, i.e., 72 billion) super-large-scale parameter world base model, which has a parameter count approximately 35 times that of mainstream VLA models. Additionally, the XPeng World Model possesses chain-of-thought (CoT) reasoning capabilities, allowing it to perform complex common-sense reasoning like humans based on a thorough understanding of the real world and convert reasoning results into actions, such as outputting control signals for the steering wheel and brakes, enabling interaction with the physical world, or providing underlying technical support for the next generation of advanced intelligent driving and robotic brains.

New X9 All-Electric MPV Launched with a Starting Price of Only 359,800 Yuan

The X9 was launched in four versions: 650 Long Range Max, 740 Ultra Long Range Max, 702 All-Wheel Drive High Performance Max, and Starship Edition, with official guide prices of 359,800 yuan, 379,800 yuan, 399,800 yuan, and 419,800 yuan, respectively The all-new X9 model is equipped with Turing AI smart driving across the entire lineup, fully applying end-to-end large models. Additionally, the rear seats will be equipped with zero-gravity space seats in the aisle version across the entire lineup. In terms of chassis, the entire lineup will be equipped with intelligent dual-chamber air springs and intelligent variable dampers.

Fully self-developed software and hardware stack, robot + low-altitude economy layout poised for takeoff

To meet the computing power requirements of advanced AI smart driving, XPeng Motors' core technological achievement, the XPeng Turing AI chip, is custom-made for large models. The self-developed neural network processing brain can run a local model with up to 30 billion parameters, providing three times the computing power of existing chips, and will be mass-produced in mainland China in the second quarter of 2025. As the world's first chip that can be applied simultaneously in AI cars, AI robots, and flying cars, the Turing AI chip not only provides computing power support for smart driving but also offers technical support for XPeng Motors to expand aerial travel scenarios. Additionally, XPeng's first split-type flying car, the land aircraft carrier, is planned for mass production and delivery in 2026. The IRON robot, developed by XPeng Motors over five years, will also be equipped with the Turing AI chip and share the same source as the smart driving system, combining end-to-end large models and reinforcement learning, and will be applied in factory automation production lines and store services in the future.

Risk Warning: This year's new models may not meet expectations; the pace of smart driving advancement may not meet expectations; the new energy industry and policies may not meet expectations, etc