XPeng Inc. (NYSE:XPEV) shares are trading higher Monday amid strong August electric vehicle sales in China.
What To Know: The EV sector received some good news on Monday, with encouraging figures from the Chinese EV market.
According to the The China Association of Automobile Manufacturers, August represented the first monthly year-on-year gain since May for the industry, with sales increasing 8.5% quarter-over-quarter and 27% year-over-year.
During the first eight months of 2023, sales rose 1.8% year-over-year to 13.38 million units.
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XPEV Price Action: Shares of XPEV were up 6.64% at $18.50 at the time of publication, according to Benzinga Pro.
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