XPeng Inc. (NYSE:XPEV) stock is gaining Thursday following reports that the Chinese electric vehicle maker plans to expand its technology licensing and customization business to foreign automakers.

Reuters reported that XPeng is seeking partners beyond Volkswagen AG (OTC:VWAGY) as it looks for new revenue streams. The company plans to offer its electronic architecture, cockpit systems, Turing AI chips and advanced driver-assistance software.

The company also plans to expand its technology business into robotaxis, robotics and other physical AI applications. The strategy could help it diversify beyond vehicle sales.

G9L Global Launch Set For October

Separately, XPeng launched its next-generation G9L flagship SUV in China on Thursday. The company plans to introduce the model globally at the Paris Motor Show on Oct. 12, with availability planned across 64 markets.

The G9L uses the company’s VLA 2.0 AI model and the same Turing AI chip used in its IRON humanoid robot. It plans to produce the SUV in Guangzhou, China, and at Magna’s plant in Graz, Austria.

XPeng Technical Analysis

XPeng stock rose nearly 3% Thursday. Despite Thursday’s gain, it remains in a bearish technical setup. The stock is down 50.39% over the past 12 months.

XPEV trades 3.4% below its 20-day simple moving average and 10.7% below its 50-day average. It is also 20.9% below its 100-day and 33.4% below its 200-day average.

Meanwhile, MACD remains below its signal line. The 50-day average also remains below the 200-day average, keeping the January death cross intact.

The 52-week low of $10.16 remains a key downside level.

Top ETF Exposure

The Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares (NYSE:EVAV) has a 4.19% weighting in XPeng.

That exposure means significant flows into or out of the ETF can contribute to buying or selling pressure in XPeng shares.

XPeng Price Action

XPEV Stock Price Activity: XPeng shares were up 2.80% at $10.63 at the time of publication Thursday, according to Benzinga Pro data.

Photo via Shutterstock