XPeng Inc. (NYSE:XPEV) shares are slightly trading higher on Friday.
The company recently revamped its organizational structure to focus more on end-to-end technology, much like local competitors NIO Inc. (NYSE:NIO) and Li Auto Inc. (NASDAQ:LI), reported CnEV Post.
XPeng has restructured its organization to align with its new strategy in smart driving technology. The updated structure emphasizes end-to-end AI (artificial intelligence) large models.
As reported, the restructuring primarily affects XPeng's technology development division, which handles algorithm development for perception, planning, control, and localization.
According to the report, after the realignment, XPeng's technology development department was divided into three divisions: AI end-to-end, AI applications, and AI efficiency.
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The report noted that the realignment led XPeng to divide its algorithms team into two primary functions: one focused on model development and the other on feature delivery.
This restructuring of the R&D organization, prompted by a shift in technology strategy, follows similar adjustments made by Nio and Li Auto.
According to Benzinga Pro, XPEV stock has lost over 58% in the past year. Investors can gain exposure to the stock via SPDR S&P Kensho Smart Mobility ETF (NYSE:HAIL).
Price Action: XPEV shares are trading higher by 0.28% to $7.05 premarket at last check Friday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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