Why XPeng (XPEV) Shares Are Popping Off

XPeng Inc - ADR XPEV shares are trading higher by 7.92% to $9.13 Friday morning. The stock is trading higher in sympathy with NIO Inc - ADR NIO after the company reported first-quarter financial results.

What Happened With NIO?

NIO announced quarterly losses of 36 cents per share, compared to losses of 13 cents per share in the corresponding period of the previous year. The company's sales for this quarter amounted to $1.55 billion, representing a slight decrease of 0.54% in comparison to sales of $1.56 billion during the same period last year.

In the first quarter of 2023, vehicle deliveries totaled 31,041 units, including 10,430 premium smart electric SUVs and 20,611 premium smart electric sedans. This marks a 20.5% increase compared to the first quarter of 2022 and a 22.5% decrease compared to the fourth quarter of 2022...Read More

According to data from Benzinga Pro, XPEV has a 52-week high of $35.35 and a 52-week low of $6.18.