Benzinga | Aug 6, 2021 09:02AM EDT

Tesla Ranks 2nd For Best In-Vehicle Tech Among Mass-Market NEVs In China This EV Maker Stood First In JD Power Study

U.S.-listed upcoming Chinese electric vehicle maker Xpeng Inc (NYSE:XPEV) has emerged as the top mass-market new energy vehicle brand in China to adopt technology, as per J.D. Power 2021 China Tech Experience Index Study, ahead of Elon Musk-led Tesla Inc (NASDAQ:TSLA).

What Happened: Xpeng scored 615 points to take the pole position in the survey that aims to map automakers' flexibility in adopting the latest technology and improve the driving experience.

Musk-led Tesla scored 597 points and came in second position this year. Li Auto (NASDAQ:LI) stood third with 577 points.

Among the traditional automakers that offer gas-powered engines, Daimler (OTC:DMLRY)-owned Mercedes-Benz top the chart with a score of 550, while Bayerische Motoren Werke (OTC:BMWYY), popularly known as BMW, and Porsche came in second in a tie.

J.D. Power said "criteria for awards were not met" in the luxury NEV segment, where Nio Inc. (NYSE:NIO) -- which prices its vehicles higher -- would be in the foray.

See Also: Nio, XPeng, Buffett-Backed BYD Among Top Quality EV Brands In China: Survey

Why It Matters: The survey gathered responses from 32,141 ICE vehicle owners who bought the vehicle between June 2020 and March 2021, and 3,976 NEV owners who bought the vehicles between September 2020 and March 2021. The study covered 264 ICE vehicle models from 58 brands and 50 NEV models from 28 brands across China.

J.D. Power surveys are used by automakers and suppliers to gauge how vehicle owners perceive the advanced technology features and to help the industry address any problematic areas before the technologies are made widely available across automotive portfolios, thus improving the future owner experience.

Stock Performance: Tesla, with the largest scale and market cap among the three, has seen shares rise 1.3% so far this year after multiple backlash and quality related issues in China. Nio shares have underformend and declined 6.4% so far this year while Xpeng stock is down marginally.

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See also: How to Invest in Tesla Stock