Humanoid robots have elevated XPeng to the altar

Author | Wang Xiaojun

Editor | Zhou Zhiyu

The revaluation triggered by robots may exceed the expectations of XPeng Chairman and CEO He Xiaopeng.

In the days following the debut of IRON, the entire internet was searching for zippers, and there were criticisms suggesting that He Xiaopeng was acting. This distrust is precisely the stereotype the market holds against XPeng and all Chinese car manufacturers: they can pile on materials and market well, but they cannot handle true technology like embodied intelligence.

The more the market questions the presence of a person inside, the more weight the scissors that are ultimately revealed will carry. What He Xiaopeng wants is not just a "I believe it," but an opportunity to force the capital market to reassess.

When He Xiaopeng truly pulls out the scissors and cuts open IRON's legs, the old valuation model of XPeng in the capital market is also cut open.

XPeng's U.S. stock surged 16.15% on November 10, and the next day it rose nearly 8%, with the stock price reaching $28.07 per share, setting a new high for the year. Its Hong Kong stock also surged 17.93% on November 11, and at the opening on November 12, it even reached a nearly three-year high, ultimately closing at HKD 105.2 per share.

Behind the sudden change in stock price is the market's sudden realization that the AI and intelligent driving capabilities XPeng uses to build cars can actually create a robot that can "walk like a cat." Consequently, the label of "Wei Xiaoli" was torn off, and XPeng was repositioned within Tesla's coordinate system.

This is not just a self-affirmation of a car manufacturer, but a concrete manifestation of the market's comprehensive reassessment of China's true technological strength.

IRON Boosts XPeng's Stock Price

XPeng is undergoing a new round of revaluation.

At the close on November 11, Eastern Time, XPeng's U.S. stock rose by 7.80%, reaching $28.07 per share, while the previous day, both XPeng's Hong Kong and U.S. stocks surged over 15%, both reaching new highs for the year.

This wave of explosive growth for XPeng stems from the market's attention to the newly unveiled next-generation humanoid robot, IRON.

On November 5, at XPeng's Technology Day, a humanoid robot named IRON, standing 178 cm tall and weighing 70 kg, made a graceful entrance with a "catwalk."

With 82 degrees of freedom, along with a human-like spine, bionic muscles, and fully covered flexible skin, IRON walked naturally and smoothly on stage, leading many netizens to question whether this was a performance by a real person wearing a robot shell.

Beneath its humanoid appearance, IRON is also the industry's first humanoid robot to announce the use of "all-solid-state batteries."

In terms of computing power, IRON's core driving force comes from three self-developed "Turing" AI chips from XPeng, with a total computing power of up to 2250 TOPS. It also debuts with XPeng's first-generation physical world large model, achieving "dialogue, walking, and interaction" through the combination of high-level capabilities of "VLT + VLA + VLM."

Soon, a storm of skepticism quickly swept across the internet both domestically and internationally. "Tesla's robot doesn't walk this smoothly; there must be someone inside, otherwise it wouldn't walk so smoothly." "This representative comment reflects the general skepticism of the public.

In the face of a tidal wave of doubts, He Xiaopeng responded within 24 hours. On November 6, he released a video showcasing the 'muscles' of IRON's back, right forearm, and right hand, proving it to be a purely mechanical structure.

However, the doubts have not completely subsided.

On November 7, the XPeng team conducted a more aggressive verification—while IRON was powered on and operational, they cut open its leg covering with scissors on the spot, revealing the internal mechanical structure. Even when 'injured,' IRON was still able to walk.

He Xiaopeng quoted a scene from the movie 'Let the Bullets Fly' to express the situation at the time, saying, 'To prove that I ate a few bowls of noodles, I had to 'cut open my belly.' He also choked up at the scene, lamenting, 'People do not believe that powerful robotic technology can come from a Chinese company... This limits and restrains us, just like many people did not believe that China's new energy vehicles could be done well ten years ago.'

From being questioned as a real-life model to shooting a continuous video to prove it is a real robot, and then live-streaming the cutting of its 'muscles' for proof, XPeng wants the outside world to see a brand new XPeng.

Currently, the new generation of IRON is a representative terminal sample of its aggressive push into 'physical AI.' The technology equipped on IRON represents XPeng's comprehensive capabilities in software, hardware, and manufacturing, which means it should no longer be viewed merely as a car manufacturing company.

Soon, the capital market also responded positively. As of November 12, XPeng's total market capitalization on the US stock market surpassed $26 billion, and its market capitalization in Hong Kong exceeded HKD 200 billion.

Several top investment institutions have released reports expressing optimism about XPeng Motors. Morgan Stanley raised XPeng's target stock price, believing that XPeng's positioning has expanded from an electric vehicle manufacturer to a diversified artificial intelligence application field, expecting this strategy to bring XPeng asymmetric advantages, allowing it to compete not only with electric vehicle peers but also with established technology companies; Deutsche Bank stated in a report that 'XPeng Motors has taken a big step towards becoming a global leader in embodied intelligence.'

Even more notably, Tesla CEO Elon Musk also liked the video about the XPeng robot, stating, 'Tesla and Chinese companies will dominate the market. I have great respect for Chinese competitors; there are many smart and hardworking people in China.'

For XPeng, the IRON robot, as a sample that aggregates many of XPeng's current technologies and capabilities, has completed its current mission—it has forced the market to reassess XPeng's AI capabilities, and XPeng has finally welcomed its moment of revaluation.

Application Remains the Biggest Challenge

The debut of XPeng's new generation humanoid robot IRON is also seen by the industry as China's DeepSeek moment for humanoid robots. Industry insiders say that just as DeepSeek has brought shock to the outside world in the generative AI field, the XPeng IRON robot also represents the shock of Chinese humanoid robots to the world, which is a strong rebuttal to the past belief that 'China cannot produce top-notch robots.'

In the past six months, starting from the appearance of Yushu Technology's robot on the Spring Festival Gala stage, Chinese humanoid robots have appeared in various forms in the public eye. Whether running marathons, playing soccer, walking the runway, or emphasizing practicality to prepare for factory scenarios, regardless of their specific performances, the market heat is unprecedented IDC Consulting also predicts that by 2029, the global robotics market will exceed $400 billion. Among them, the Chinese market accounts for nearly half of the share and ranks among the top globally with a compound growth rate of nearly 15%, becoming the core engine driving the growth of the global robotics industry.

Industry players are also providing new answers from technological and commercial perspectives to help this industry land quickly. Due to the accelerated industry heat and the complete layout of the industrial chain, IDC Consulting believes that the competition in humanoid robots has entered the "China time."

The outlook is not all clear.

After XPeng's IRON robot went viral on the internet, Goldman Sachs released a report following research on some Chinese robotics companies, stating: "Most suppliers are actively planning production capacity in China and overseas to support the potential mass production of humanoid robots, but no company has confirmed receiving large orders or has a clear production timetable."

Soon, on November 7, 10, and 11, the robotics concept index and humanoid robot concept index fell for three consecutive trading days. This also means that the market's attitude towards robots is not long-term stable.

Li Junlan, research manager for IDC's robotics and IoT sector in China, stated that China has become an important force in the global robotics market, possessing the industrial chain, technology, and application foundation to move towards the next stage of embodied intelligent robots, showing a vigorous development trend overall. However, to become the leading embodied intelligent robot company, it is not necessary to have the most advanced technology; what is more critical is to intersect or overlap with technological trends and achieve successful commercial applications in the process.

In other words, commercial application is an important consideration for the current development of humanoid robots.

In terms of application scenarios, each company has different thoughts, and popular companies in the market are all seeking their own commercialization paths. Tesla's logic is to define robots with the extreme scenario of "gigafactories." Tesla's own gigafactory has already reserved 10,000 units of Optimus for transporting battery packs and installing interior components.

He Xiaopeng clearly stated that currently, having humanoid robots enter factories to "screw bolts" or into homes to do housework is not the best application scenario. When performing delicate or high-intensity tasks, the costly mechanical arms wear out quickly, and there are significant safety challenges in home environments.

Currently, XPeng's goal is to achieve mass production by the end of 2026, with the first batch entering commercial scenarios to provide services such as guiding, shopping assistance, and patrolling. For example, IRON plans to enter XPeng's car dealerships in 2026 to undertake explanation services and other tasks. In practical applications, the product can achieve rapid iteration of data and amortize costs.

Currently, XPeng has announced a partnership with Baosteel, where IRON will be stationed at Baosteel to explore application scenarios and iterate evolution in complex industrial fields such as inspections.

Looking towards a longer-term future, He Xiaopeng believes that humanoid robots will also see epoch-making products emerge in iterations, similar to the iPhone 4. Moreover, "the automotive market globally is a $10 trillion market, producing 90 million cars a year, while the robotics market is a $20 trillion market. Of course, it won't happen so quickly (to achieve this), it may take 10-20 years." He Xiaopeng expects that in 10 years, the annual sales of humanoid robots will exceed 1 million units.

In the field of embodied intelligence, a brand new competition has already begun. After the DeepSeek moment of Chinese humanoid robots, XPeng will also explore truly transformative and epoch-making products together with the industry