Heres Why Xpeng xpev Stock is Surging in Pre market Trading Today

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.