Xpeng Motors (XPEV, Financial) saw its shares rise over 1.3% in pre-market trading, with the stock price reaching $11.38. This comes as the company's chairman, He Xiaopeng, announced on social media that the Xpeng P7+ will be officially launched on November 7, with nationwide test drives beginning.
A recent report from CICC highlights that Xpeng has been actively promoting the smart driving and powertrain features of its P7+ model. The car boasts intelligent driving capabilities and is designed for high range with low energy consumption. CICC believes the release of the P7+ will boost Xpeng's sales and help the company penetrate the growing market for vehicles priced around 200,000 yuan. The firm maintains an "outperform" rating for Xpeng and has raised its target price for H-shares by 22% to HKD 55, reflecting the positive trend in the sector and the company's upward product cycle.
