Here’s Why XPeng (XPEV) Stock is Surging in Pre-Market Trading Today

Shares of XPeng Inc. (NYSE: XPEV) surges more than 9% in pre-market trading today. This rise is attributed to the positive performance of NIO Inc. (NIO) following its first-quarter financial results.

What Happened With NIO?

NIO reported losses of 36 cents per share for the quarter. This signifies a higher loss compared to the same period last year, which stood at 13 cents per share. However, despite the increased losses, NIO managed to achieve sales of $1.55 billion. This showcases a slight decrease of 0.54% from the previous year’s quarter.

During the first quarter of 2023, NIO successfully delivered a total of 31,041 units, consisting of 10,430 premium smart electric SUVs and 20,611 premium smart electric sedans. This represents a 20.5% increase compared to the first quarter of 2022, although it is a 22.5% decrease from the fourth quarter of 2022.

Benzinga Pro‘s data reveals that XPEV has reached a 52-week high of $35.35 and a 52-week low of $6.18.

NYSE: XPEV XPeng XPEV

Zabih Ullah

Zabih Ullah is a seasoned finance writer with more than ten years of experience. He is highly skilled at analyzing market trends, decoding economic data, and providing insightful commentary on various financial topics. Driven by his curiosity, Zabih stays updated with the latest developments in the finance industry, ensuring that his readers receive timely and relevant news and analysis.

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