Lizhi (NASDAQ:LIZI) news for Thursday concerning a deal with Xpeng (NYSE:XPEV) has LIZI stock on the rise this morning.
Here’s what investors need to know about the deal.
- Lizhi is a Chinese audio company that offers a collection of content on its platform.
- The company signed a deal with Xpeng to have its service added to the company’s smart electric vehicles (EVs).
- This will allow customers to make use of its premium content and AI-enhanced recommendations in the EVs.
- According to the news release, the deal is designed to be beneficial to both Lizhi and Xpeng.
- Lizhi’s platform was made available in Xpeng EVs starting this week.
Mr. Jinnan Lai, founder and CEO of Lizhi, had this to say about the news.
“We believe this will strengthen our competitiveness in the in-car audio services space. As of September 30, 2020, there have been over 234 million podcasts uploaded to our platform. We will exploit this immense content base to heighten the creation of sought-after content and categories so as to deliver premium content to users in different living scenarios through our AI-empowered content distribution solutions.”
The deal between Lizhi and Xpeng caught the attention of investors this morning. There have been more than 34 million shares of LIZI stock traded shortly after markets opened. That’s a massive surge from the stock’s daily average trading volume of 2.22 million shares.
LIZI stock was up 78.8% as of Thursday morning.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.