Fans of Chinese electric vehicle (EV) maker Xpeng (NYSE:XPEV) are sending XPEV stock surging ahead of the release of the company’s new flagship EV, the G6. The EV is scheduled to be released on Thursday, June 29.
What’s up with Xpeng lately?
Well, clearly investors are in high spirits ahead of the launch of the XPENG G6 Smart Coupe SUV tomorrow. Reasonably so, the new EV represents the first production model constructed using the company’s newest-model technology platform, the Smart Electric Platform Architecture (SEPA) 2.0.
Indeed, the launch of the G6 is something of a watershed moment for Xpeng. The company is pulling all the stops for the live broadcast of the vehicle launch, starting at 8:00 a.m. Eastern.
The G6 will be the first example of the many possibilities the SEPA 2.0 system grants Xpeng. This includes far shorter research and development (R&D) cycles and reduced costs for developments to its advanced driver assistance systems (ADAS) and smart infotainment system.
XPEV Stock Climbs on G6 Launch
Xpeng investors have clearly been waiting for the new G6 launch with baited breath. Perhaps for good reason.
The EV maker’s new production platform gives Xpeng a notable edge over its Chinese EV rivals, like Nio (NYSE:NIO) and Li Auto (NASDAQ:LI). While Tesla’s (NASDAQ:TSLA) growing presence in the country continues to trouble China’s domestic EV companies, Xpeng remains a favorite in the country.
According to a June 9 tweet, the G6 coup received more than 25,000 pre-orders in the first three days following its online release.
#XPENGG6* has captivated crowds upon its debut at our stores, with over 25,000 pre-sale orders in China within a mere 72 hours!
Join us at the Greater Bay Area Int'l Auto Show in Shenzhen on June 16, 2023, to immerse yourself in the future of mobility.#FutureMobility pic.twitter.com/qWBMMefxMp
— XPENG (@XPengMotors) June 12, 2023
XPEV stock closed up by about 7% today, adding to its nearly 50% gains in just the past month.
On the date of publication, Shrey Dua did not hold (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.
