Collision between Xpeng flying vehicles during a practice session for an air display in China.
The State Administration for Market Regulation of China has announced a recall of Xpeng's electric sedans P7+, following an incident involving the company's eVTOL (electric vertical takeoff and landing) vehicles. The recall is due to a defect in the wiring harness of the steering angle sensor, which may cause a steering system malfunction and subsequent failure.
The eVTOL incident, which occurred during test flights in Changchun, China, resulted in two Xpeng flying taxis colliding and crashing. The pilot involved in the accident was taken to the hospital for examination, but fortunately, no casualties were reported. Firefighters quickly extinguished the flames at the crash site, and the pilot is reported to be feeling well.
The recall affects vehicles produced between August 20, 2021, and April 27, 2022. Some vehicles may have a warning light for a steering system malfunction, but the failure may occur without any prior warning.
Xpeng's Hong Kong shares rose 2.3% amid a rally in the Chinese tech market following the announcement of the recall. Meanwhile, the company's American depositary receipts remained stable.
The incident has raised questions about the safety of eVTOL technologies, which China is promoting as part of its future 'low-altitude economy' for short unmanned flights. Xpeng Aeroht is planning series production for its electric car with a separate flying eVTOL module in 2026.
Despite the setback, the recall did not seem to have a significant impact on the stock market, with the Hang Seng Index hitting a four-year high during this rally. The incident is under investigation by authorities, and Xpeng has assured its customers that it is taking all necessary measures to address the issue and ensure the safety of its vehicles.
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