Why Xpeng Stock Is Higher Today
Shares of Chinese electric-vehicle (EV) maker Xpeng (NYSE: XPEV) were trading higher on Tuesday, after the company reported that it was able to increase deliveries sequentially in May despite an ongoing global shortage of semiconductors.
As of 2:30 p.m. EDT, Xpeng's American depositary shares were up about 7.9% from Friday's closing price.
Xpeng said that it delivered 5,686 vehicles in May, up 483% from a year ago and up 10% from its April total. The sequential (month-over-month) result is significant because many China-based automakers, including Xpeng rival NIO (NYSE: NIO), reported manufacturing fewer vehicles than planned in May due to the global chip shortage.
Source Fool.com
