Why Is XPeng Stock Trading Higher Today?

XPeng Inc. XPEV shares are trading higher after the Company announced that it has approved share purchase agreements with XProbot Holdings Limited and Other Minority Selling Shareholders.

Under the deal, XProbot Holdings and other shareholders have agreed to sell, and XPeng Dogotix decided to purchase 74.82% of the total issued shares of Dogotix, according to an exchange filing.

The total consideration of the sale shares is approximately $98.96 million. Closing of the deal will take place on 9 October 2023.

Based in Shenzhen, Dogotix is ​​a large-scale bionic robot developer, mainly engaged in developing, developing, producing, and selling large-scale bionic robots.

In a separate filing, the Company said it delivered 41,435 vehicles in the first six months of the year, down 39.9% year-over-year. Total revenue is RMB9.10 billion, down 38.9% Y/Y.

This apart, in alignment with its global aspirations, XPeng has initiated the shipping of 750 vehicles to Israel, marking a significant step in its international expansion endeavors. 

This development is pivotal in understanding the broader market dynamics and the intensified global outreach of XPeng.

Price Action: XPEV shares are trading higher by 4.83% to $18.05 on the last check Friday.