Xpeng shares rebound on sales improvement hopes
Pre-sales numbers for the firm’s new G6 are buoying investors
A social media announcement from Chinese electric automaker Xpeng that its new G6 BEV coupe SUV had attracted 25,000 pre-orders in its first three days of availability have given the firm’s share price this week. With sales in 2023 significantly underperforming, a blockbuster launch could build optimism not seen since the end of 2021.
Xpeng stock climbed by 11pc on Monday and further 4.4pc on Tuesday and is now back in double figures, its highest level in a month (see Fig.1). But, at $10.29/share at Tuesday’s close, its stock is still well below the c.$25/share level it was trading at in mid-summer last year or its all-time highs of $50+/share in late 2021.