XPeng Inc. (XPEV): Tesla’s Rival Making Its Impact Felt, Soars 33% on Thursday

The Chinese EV firm is trading at an all-time high. The market is leaning towards XPeng’s robust deliveries.

The Chinese-based XPeng Inc. (XPEV) reported its first-ever quarterly earnings making notable progress. After receiving a warming August IPO, the stock has boosted its revenue over 342.5%year over year to $293.1 million.

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The revenues from the services and other operations increased 80.8% to $13.6 million.

XPengrecorded a stunning improvement in thevehicle delivery, which lifted the stock on high volume. The vehicle delivery saw a whopping growth of 265.8% to 8,578 vehicles.The investors are putting aside the Q3 net losses of 864.9 million RMB.

Followed by the first earnings release, XPEV soared 33.40% to $44.73 on Thursday. The stock surged as high as $48.17 after it opened the session at $36.48. The trading volume was just below 167 million at the day’s close.

As we write this at 4:37 A.M. EDT, before hours, MPEV was trading at $46.90 up by 5%.

What’s pushing XPeng?

The Chinese EV stock has remained in the uplift and XPEV has soared to 70% since the IPO. The increasing growth over the past couple of months has brought greater attention to Tesla’s rival.

XPeng will be a bigger threat to Tesla in the Chinese market. Unlike, another EV brand XPeng does not make its own batteries. The company partners with outside battery firms, that’s where it is behind Tesla and other EV giants.

The EV maker has two models in the Chinese market which are based on its autonomous technology. The company expects its new model to be on road in 2021 and intends to bring upgrades for its autonomous driving technology.

The CEO of XPeng, He Xiaopeng commented that they are committed to bringing innovation to the EVs through its data driven abilities and end-to-end in-house R&D.

He believes that this will help the company to develop at the forefront of the technologies in the EV market. This will ultimately help the EV marker to capture a major portion of the market.

Updating the future outlook, XPeng stated that they are working on its basics. The core objective is to enhance production and strengthen the in-built technology of EVs. The next big step is to broaden the network across the globe.

Based on the increasing delivery rate and strong Q3 performance, XPeng Inc. (XPEV) anticipates 10,000 deliveries with revenue growth of243.7% YoY in Q4 2020.