XPeng Inc XPEV Shares traded higher on Monday after the company launched a new platform that will cut its shares R&D cycle by 20%.

What happened: Chinese EV maker XPeng unveiled its new integrated technology architecture over the weekend. The new platform architecture called SEPA2.0 offers a range of more advanced architectural solutions that are expected to shorten the R&D cycle of future vehicle models by 20%.

“80% of the architectural components will be compatible with new models, allowing XPENG to meet different customer needs at an optimized cost,” the company said.

The first production model built on the new platform is expected to be unveiled at Auto Shanghai 2023 on Tuesday. SEPA2.0 can be scaled to support a variety of vehicle types.

“We expect this evolutionary intelligent architecture to lead the development of intelligent EV technology over the next three years. It will bring rapid advances in technology to our customers by default, with faster software upgrades, impressive cost savings and an enhanced product experience,” said He XiaopengChairman and CEO of XPeng.

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XPEV Price Action: XPeng shares are up 11.7% at $11.08 at the time of publication Gasoline Pro.

Photo: courtesy of XPeng.