XPeng extend rally, stock jumps 70% in 4 days


Shares of Chinese electric-vehicle maker XPeng (NYSE: XPEV) recovered and enjoyed solid gains. XPeng is a leading Chinese Smart EV company that designs, develops, manufactures, and markets smart Electric vehicles.

The share price surged roughly 70% despite the car maker reported a wider loss for the third quarter. The stock rose 50% on Wednesday after the company expressed confidence in recovery in the coming months. It then gained an additional 15% in Friday's trading and as of this writing, the stock advanced 13% in pre-market trading on Monday as bullish momentum continued to shape the broader market.

XPeng delivered a total of 29,570 electric vehicles in the third quarter with a 15% YoY increase, missing the market-projected 30,300 vehicles. While the carmaker expects the deliveries to rise significantly in December 2022 and return to 10,000 units monthly delivery level. The company also expected to announce the launch of three new products by the first quarter of 2023 to enhance the competitiveness of XPeng products.

“As we plan a number of upcoming product and technology rollouts, we are confident that we can achieve significant improvement in both sales volumes and average selling price,” XPeng president Hongdi Brian Gu said.

$XPEV technical outlook

In the short-term, if the stock continues the short-term bullish momentum, then the immediate resistance near $13.10 breaks and closes above this resistance level then expects the market to zoom up to $14. On the downside, $11.50 is the immediate support level, followed by $11. If the stock breaks below $11, the slump will quickly extend toward $9.60 then $9.00.

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