The electric vehicle (EV) race has continued this week with a few exciting turns. For one, we recently saw the historic debut of Rivian (NASDAQ:RIVN), the hottest initial public offering (IPO) of the year. However, another EV innovator is about to roll out a highly anticipated product that has both investors and consumers watching. Xpeng (NYSE:XPEV) — an EV maker based in China — is about to debut its latest SUV, the follow-up to its successful G3 and G3i models. So far, XPEV stock is reacting well to the news.
China’s electric vehicle market is rapidly expanding. However, while it may be crowded, the teasing of this new vehicle has only benefited the company and its shares. XPEV stock began today by shooting up and, despite a brief decline, it’s up roughly 1% as of this writing. Right now, these gains put it at about 4% in the green for the week and up more than 28% for the month.
What else should investors consider as the next Xpeng vehicle prepares to take off? Let’s discuss.
What the Xpeng SUV Means for XPEV Stock
- Xpeng’s new SUV model will debut on Nov. 19 at China’s Auto Guangshou show, an international event that will include members of the financial and media communities.
- According to a statement released by the company, the auto show will feature a live-broadcast press conference with Xpeng co-founder and President Henry Xia.
- While there are not as many electric SUVs as there are sedans on the market, competition is heating up. Xpeng’s two main competitors — Nio (NYSE:NIO) and Li Auto (NASDAQ:LI) — have both produced their own models. Next year will see the release of the 2022 Model X as well, a highly-anticipated addition to the Tesla (NASDAQ:TSLA) family. It has been predicted that NIO stock will soon take off, although XPEV stock has also enjoyed a very good year.
- Rumors suggest that the new Xpeng model will have the name G7 or G9. The opening day of the show will bring the company’s final answer.
- Local media outlets have reported that Xpeng has employed the same model used for its mid-size P7 sedan in the design of the upcoming SUV. The EV will include the XPILOT 4.0 advanced driver assistance system. It will also include lidar devices, air suspension and a smart chassis.
- The model’s dimensions will also mimic the P7. Vehicle wheelbase length will range between 2,800mm and 3,100mm, measurements which are supported by the aforementioned platform.
- Reports have indicated that the vehicle’s price range will be set between that of the regular P7 and the more expensive P7 Wing Limited edition.
On the date of publication, Samuel O’Brient did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.