Xpeng Shares Spike 10% As The Chinese Electric Carmaker Teases New SUV To Launch Next Week

Chinese electric carmaker Xpeng teased a new sports utility vehicle on Friday, with the launch scheduled for next week.

The car is likely to be the successor to Xpeng’s current SUV the G3 and G3i. It will be launched at the Guangzhou auto show on Nov. 19.

Xpeng shares were up over 10% in afternoon trade in Hong Kong.

The new car will add further competition to China’s already crowded electric vehicle market.

In October, Xpeng delivered 10,138 cars, of which 3,657 units were its G3 and G3i SUV, reaching a monthly record since the vehicle’s launch in December 2018.

The company said its cumulative deliveries have exceeded 100,000 as of the end of October.

Xpeng faces competition from rival start-ups Li Auto and Nio, both of which have electric SUVs on the market, as well as Tesla’s Model X.
– CNBC