What's Going On With XPeng Stock Today?

XPeng Inc. XPEV shares are trading slightly higher on Wednesday, following mixed third-quarter results from its rival, NIO Inc. NIO.

NIO’s fiscal third quarter revenue totaled 18.67 billion yuan ($2.66 billion), down 2.1% year-over-year but up 7.0% from the previous quarter, missing the consensus estimate of $2.70 billion. The company posted an adjusted loss per share of 2.14 yuan (31 cents), a slight improvement from a 2.28 yuan loss in the same period last year.

China’s $376 billion electric vehicle (EV) market continues to attract new entrants, including companies outside the traditional automotive sector, like makers of vacuum cleaners and hair dryers, according to a report from the South China Morning Post.

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Despite optimism, the domestic EV market, the world’s largest, is projected to stagnate over the next two years in terms of revenue growth, the report read.

In contrast, XPeng is projecting robust fourth-quarter vehicle deliveries between 87,000 and 91,000, reflecting year-on-year growth of 44.6% to 51.3%. The company also expects fourth-quarter revenue to range from 15.3 billion to 16.2 billion yuan, a year-on-year increase of 17.2% to 24.1%, surpassing the consensus estimate of 14.77 billion yuan.

XPeng’s flying car subsidiary, Xpeng Aeroht, made significant progress at the 15th China International Aviation and Aerospace Exhibition, securing 2,008 pre-orders for its modular flying car, the Land Aircraft Carrier.

Despite these developments, XPeng’s stock has dropped over 30% in the past year. Investors seeking exposure to XPeng can access the stock through the SPDR S&P Kensho Smart Mobility ETF HAIL.

Price Action: XPEV shares are trading higher by 2.04% to $12.78 at last check Wednesday.

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