New York-listed shares of Guangzhou Xiaopeng Motors Technology Co. Ltd., commonly known as XPeng, rallied after the opening bell on Wall Street after the company reported better-than-expected revenue for the opening quarter of fiscal 2024.
China's leading electric vehicle manufacturer reported a 62% jump in year-over-year revenue, with the figure landing at 6.55 billion yuan. The surge was driven by its X9 model launch earlier this year, which the company previously described as a "game changer" in the industry. Xpeng also projected its second-quarter deliveries to grow between 25% to 38%.
The carmaker's stock surged 22.14% to sell at $10.16 apiece at 9:42 am ET.
