Why Chinese EV Company XPeng Shares Are Rising Today

XPENG INC. -2.91% Post

XPENG INC.

XPEV

8.35

8.40

-2.91%

+0.60% Post

XPeng Inc. (NYSE:XPEV) shares are trading higher on Thursday in the premarket session after reporting its vehicle delivery results for January 2024.

The Chinese electric vehicle company delivered 8,250 vehicles in January 2024, a 58% increase year over year. However, January deliveries were lower than that in December 2023, when the company reached a new record of 20,115 units (a 78% increase year-over-year).

In early January, the company launched its X9 Ultra Smart Large Seven-seater MPV, followed by immediate deliveries across more than 100 cities in China. 

In the month under review, XPeng delivered 2,478 X9s. The company said orders for X9 Max trim accounted for approximately 70% of total X9 orders.

The monthly active user penetration rate of XNGP ADAS has exceeded 85%, ranking first in the industry in terms of active user scale, user experience, and mileage penetration rate for urban ADAS, XPeng said in a press release.

The company said it will extend its end-to-end XNGP coverage to major urban road networks, parking spaces, and private roads nationwide by 2024.

Additionally, XPeng plans to initiate R&D on Highway NGP for overseas markets this year and on XNGP in 2025.

Read Next: Ford Revs Up EV Convenience: Offers Free Tesla Charger Adapters For Eligible Mustang MachE, F150 Lightning Owners

Price Action: XPEV shares are trading higher by 2.28% to $8.52 premarket on the last check Thursday.

Photo via Wikimedia Commons

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