What's Going On With XPeng Stock Today?

XPeng Inc. XPEV shares are trading relatively flat in the morning session on Tuesday.

According to Benzinga Pro, XPEV stock has lost over 53% in the past year. Investors can gain exposure to the stock via  SPDR S&P Kensho Smart Mobility ETFHAIL and Invesco WilderHill Clean Energy ETFPBW.

The company is reportedly asking suppliers to ramp up parts capacity as the M03, the first model in its Mona lineup, gains popularity.

Xpeng recently adjusted its production schedule, asking suppliers to respond quickly to boost production capacity and delivery efficiency for the Mona M03, reported CnEV Post.

Also Read: Tesla’s China Woes Just Got Worse: XPeng’s Model 3 Killer Receives Over 30K Orders In 48 Hours Of Launch

The recent daily orders for the Mona M03 have surpassed 2,000 units, following 30,000 confirmed orders within 48 hours of the model’s launch.

“The voyage of the Mona M03 has just begun and we are confident about the future,” Xpeng told supplier partners, CnEV Post added.

Xpeng plans to introduce new models or updates each quarter, emphasizing that a robust and efficient supply chain is crucial to its success.

The Mona M03 electric sedan, launched on August 27, is available in three variants priced at RMB 119,800 ($16,830), RMB 129,800, and RMB 155,800, respectively. This is below the previously anticipated price of RMB 135,900, making it Xpeng’s most affordable model, about half the price of Tesla’s Model 3.

Following its launch, the Mona M03 received over 10,000 firm orders within the first 52 minutes, CnEV Post added.

Price Action: XPEV shares are trading higher by 0.24% to $8.541 at last check Tuesday.

Photo via Shutterstock

Read Next:

• Tesla CEO Elon Musk Considers Making Steering Yoke Stationary While Cybertruck Parks Itself

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.