What's Going On With XPeng Stock?

XPeng Inc. XPEV shares are trading higher Friday after Volkswagen said it will develop a platform for affordable EVs in China.

The Details:

According to a Reuters report, Volkswagon will develop a new platform called A Main Platform for entry-level EVs in China.

Volkswagon and XPeng entered into a partnership in July to develop two new models targeting mid-level customers which are set for roll-out in 2026.

Last Friday, XPeng presented its latest EV model for the Chinese market, the XPeng X9 Large 7-seater MPV, with presale pricing starting from RMB 388,000.

Mr. He Xiaopeng, CEO of XPeng said, "The X9 exemplifies our dedication to innovation as we strive to make XPENG's industry-leading smart EV technology and state-of-the-art design craftsmanship appealing to a wider range of progressively individualized consumer needs."

According to data from Benzinga Pro, shares of XPEV have gained more than 14% in the last five days and are up 114% over the last six months.

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XPEV Price Action: According to Benzinga Pro, XPeng shares are up by 6.8% at $18.61 at the time of publication.

Image: Gerd Altmann from Pixabay