AsianFin -- Shares of Xpeng Inc. witnessed an upward trend after the company's chairman announced plans to commence mass production of its flying car model and industrial robots by 2026.
The Hong Kong - listed shares of the electric vehicle manufacturer climbed as much as 7.1% on Monday, briefly reaching the highest level since August 2022, before giving back some of the gains. The stock has nearly doubled in value this year, outperforming all other peers in the Bloomberg Intelligence index of global electric vehicle stocks, which has increased by more than 4% since the beginning of January.
There is a burgeoning interest in companies manufacturing high - tech products as investors seek firms to benefit from Hong Kong's equity rally led by artificial intelligence. The interest in Xpeng has also been spurred by the strong order momentum for its new battery - powered electric vehicle models, which are driven by competitive pricing and autonomous driving features.
"Xpeng shares have received a boost this year due to its improving monthly sales figures, showing investors that its product strategy is yielding good results despite fierce competition," stated Steven Leung, executive director at UOB Kay Hian Hong Kong Limited.
Although the company's latest announcements regarding flying cars and humanoid robots could enhance market sentiment, "it will still be a while before these projects can contribute to earnings."
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