XPeng Inc – ADR (NYSE:XPEV) shares are trading higher by 8.3% to $16.78 Thursday morning, despite a lack of company-specific news for the session. The company on Wednesday provided a delivery update. The stock may also be trading higher amid overall market strength following Wednesday’s Federal Reserve decision.
What Happened With XPEV Deliveries?
XPeng announced that it achieved a record high in vehicle deliveries for October 2023, with 20,002 Smart EVs delivered, marking a 31% increase from the previous month and a 292% increase compared to the previous year. The company says this continued growth momentum has been consistent for nine consecutive months.
Additionally, the production output of the XPENG G6 also increased significantly, resulting in 8,741 units delivered, making it the best-selling battery electric SUV in the RMB 200,000-250,000 price range.
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What Else?
During its 2023 Tech Day event on October 24, XPeng unveiled its go-to-market plan for its advanced driver-assistance system (ADAS) called XNGP, with plans to expand its deployment in 50 cities by year-end.
They also introduced a new ADAS feature called AI Valet Driver, which will be available for select customers by the end of 2023 and aims for nationwide coverage in 2024.
According to data from Benzinga Pro, XPEV has a 52-week high of $23.62 and a 52-week low of $6.40.
