Xpeng shares spike as the Chinese EV maker teases new SUV

Xpeng plans to launch a brand new sports activities utility car beneath its “G” line of vehicles on November 19. The corporate teased a picture of the automobile’s silhouette.

Xpeng Inc.

GUANGZHOU, China — Chinese language electrical carmaker Xpeng teased a brand new sports activities utility car on Friday, with the launch scheduled for subsequent week.

The automobile is more likely to be the successor to Xpeng’s present SUV the G3 and G3i. It will likely be launched on the Guangzhou auto present on Nov. 19.

Xpeng shares had been up over 10% in afternoon commerce in Hong Kong.

The brand new automobile will add additional competitors to China’s already crowded electrical car market.

Xpeng additionally at present sells two sedans — its flagship P7 and the P5.

In October, Xpeng delivered 10,138 cars, of which 3,657 models had been its G3 and G3i SUV, reaching a month-to-month document for the reason that car’s launch in December 2018.

The corporate stated its cumulative deliveries have exceeded 100,000 as of the tip of October.

Xpeng faces competitors from rival start-ups Li Auto and Nio, each of which have electrical SUVs in the marketplace, in addition to Tesla’s Mannequin X.

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