---
title: "Tianfeng Securities: XPENG-W disclosed progress on self-developed world model, maintaining a \"Buy\" rating"
description: "Tianfeng Securities released a research report stating that XPENG-W has disclosed a super-large-scale autonomous driving model with 72 billion parameters for the first time, maintaining a \"Buy\" rating"
type: "news"
locale: "en"
url: "https://longbridge.com/en/news/236636249.md"
published_at: "2025-04-19T01:04:02.000Z"
---

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

> Tianfeng Securities released a research report stating that XPENG-W has disclosed a super-large-scale autonomous driving model with 72 billion parameters for the first time, maintaining a "Buy" rating. It is expected that revenue will reach 93.59 billion yuan in 2025, 140.22 billion yuan in 2026, and 169.58 billion yuan in 2027. The XPeng X9 will have its global debut, equipped with a pure vision version, starting at a price of 359,800 yuan, with sales expected to surpass the previous generation. The XPeng Turing AI chip is set to enter mass production in the second quarter, achieving L3 level intelligent driving by the end of 2025, and flying cars are expected to enter mass production and delivery in 2026

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

### Related Stocks

- [XPEV.US - XPeng](https://longbridge.com/en/quote/XPEV.US.md)
- [09868.HK - XPENG-W](https://longbridge.com/en/quote/09868.HK.md)
- [601162.CN - TF SECURITIES](https://longbridge.com/en/quote/601162.CN.md)

## Related News & Research

| Title | Description | URL |
|-------|-------------|-----|
| 內企走出去 吉利：車企需深化區域化佈局 小鵬讚香港關鍵橋樑｜亞洲金融論壇 | 在亞洲金融論壇上，吉利汽車副董事長李東輝強調中國汽車品牌需深化區域化佈局以應對市場碎片化挑戰，並藉助國際品牌資源與外部夥伴探索創新合作模式。賽力斯集團總裁張正萍提到應制定中國標準以提升行業競爭力。小鵬汽車副董事長顧宏地指出香港是中國汽車品牌 | [Link](https://longbridge.com/en/news/273789657.md) |
| 小鵬汽車在 2026 年 1 月交付了 20,011 輛汽車 | 小鵬汽車在 2026 年 1 月報告交付了 20,011 輛汽車，減少了超過 30 萬噸的温室氣體排放。XPENG P7+ 在 36 個國家推出，並在 2026 年布魯塞爾車展上首次亮相歐洲。到 2025 年底，小鵬已擴展到 60 個國家， | [Link](https://longbridge.com/en/news/274493197.md) |
| 佐丹奴小股東獲支付最多 15 億 成監管和解首例 分析：或成日後重要參考 | 證監會與華富國際及 Clear Prosper 達成和解，涉及佐丹奴股份交易違規行為。兩公司同意向受影響的獨立股東支付最高 15 億元現金賠償。2016 年和 2022 年股東將分別獲得每股 0.996 元和 0.412 元的賠償。此和解為 | [Link](https://longbridge.com/en/news/276401818.md) |
| 馬年金鈔熱銷賣斷市 僅售千元 大讚好過現金利是「紀念理財一舉兩得」 | 隨著農曆馬年到來，深圳水貝市場迎來黃金消費高峰，1 克重的「馬年紀念金鈔」成為熱銷產品，現已全線斷貨。金價回調後，消費者需求迅速釋放，傳統金飾和小克重吊墜也受到歡迎。各大銀行推出的金鈔產品同樣熱賣，結合傳統習俗與保值需求，金鈔銷售火爆。 | [Link](https://longbridge.com/en/news/276089886.md) |
| 【每日通告】嵐圖汽車 (7489) 介紹形式上市，速騰聚創 (2498) 受惠產品銷量增長，去年虧損大幅收窄 | 嵐圖汽車預計於 3 月 19 日以介紹形式上市，H 股數目約 8.85 億股。新明中國建議進行 1 供 6 供股，集資超過 1 億元，主要用於償還債務。速騰聚創預計去年虧損大幅收窄，主要受益於雷射雷達產品銷量增長。宏利金融獲準回購併註銷最多 | [Link](https://longbridge.com/en/news/276404702.md) |

---

> **Disclaimer**: This article is for reference only and does not constitute any investment advice.