Why XPeng (XPEV) Stock Is Seeing Blue Skies Today

XPeng Inc - ADR XPEV shares are trading higher by 9.42% to $11.78 Thursday. The stock is trading higher after the company announced its assisted-driving technology has been launched in Beijing and three other cities.

The EV maker became the first company to roll out an advanced driver-assistance system (ADAS) in Beijing after winning approval for use on significant ring roads and expressways in the capital city.

What Else Is Going On In China?

Per a report by Reuters, China's central bank, in line with expectations, reduced the borrowing cost of its medium-term policy loans after a 10-month hiatus, as part of Beijing's intensified stimulus efforts to stabilize the uncertain economic recovery.

Reuters says this action follows the recent decrease in two important short-term policy rates, indicating growing concerns among authorities regarding the fragility of the economy despite the relaxation of strict COVID measures.

Anticipated activity data to be released later on Thursday is likely to reveal additional signs of weakness.

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