Chinese EV Maker XPeng's Shares Are Higher Today: Here's Why

XPeng Inc (NYSE:XPEV) shares are trading higher after the company reported strong October 2023 deliveries.

XPEV disclosed a new record of monthly deliveries of 20,002 smart EVs, up 292% Y/Y and +31% over the prior month, representing strong growth momentum for the ninth consecutive month.

The company delivered 8,741 XPENG G6s in October 2023 on higher output, a renowned battery electric SUV in the RMB200,000-RMB250,000 price segment.

Also Read: XPeng CEO Visits Volkswagen Germany As Partnership Deepens: Report

Last week, XPEV unveiled its latest go-to-market plan for its full-stack ADAS - XNGP at its 2023 Tech Day event.

The company plans to expand the rollout of XNGP functions that are not reliant on high-definition maps to 50 cities and targets to launch the AI Valet Driver feature to select customers by year-end.

Also Read: China's XPeng Takes On Tesla's Optimus With Bipedal Robot — And The Internet Already Wants A Machine Fight

XPEV will release its Q3 FY23 earnings results on November 15, 2023.

Price Action: XPEV shares are up 3.87% at $15.04 premarket on the last check Wednesday.

Photo Via Company