Why Is Chinese EV Maker XPeng Stock Gaining Today?

Chinese automaker XPeng Inc XPEV is expanding its footprint through a dealer partnership with Sime Darby Motors in Hong Kong.

Under the partnership, XPeng will be able to bring its latest smart EVs to local consumers in the Hong Kong market with branded showrooms and after-sales support.

Hong Kong will serve as an important springboard for XPeng’s global expansion due to its status as an international business hub.

The latest pure electric SUV model, G6, and the flagship pure electric seven-seater MPV X9 will be the first to be introduced in mid-May, with an expected delivery starting from the third quarter.

“With our brand’s advanced smart electric vehicle and leading technology, we are committed to providing car owners with smarter travel solutions, as well as an environmentally friendly driving experience,” said Vice Chairman and President Brian Gu.

XPeng is also set to enter Macau with partner XIN KANG HENG HOLDING LTD, and will offer models G9, X9, G6, and P7i.

As of 2023 end, XPeng’s cumulative historical delivery volume exceeded 400,000, and it delivered more than 140,000 new vehicles in 2023 alone.

In March 2024, XPeng delivered 9,026 Smart EVs, representing a 99% increase over the prior month and a 29% increase year-over-year. 

Price Action: XPEV shares traded higher by 3.35% at $8.34 premarket Wednesday.

Image by Robert Way via Shutterstock