Xpeng shares spike 10% as the Chinese electric carmaker teases new SUV to launch next week

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  • Chinese electric car maker Xpeng on Friday teased a new sports utility vehicle that will be launched next week.
  • The car is likely to be the successor to Xpeng’s current SUVs, the G3 and G3i.
  • It will be launched on November 19 at the Guangzhou Auto Show.

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GUANGZHOU, China – Chinese electric car maker Xpeng on Friday teased a new sports utility vehicle that will be launched next week.

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The car is likely to be the successor to Xpeng’s current SUVs, the G3 and G3i. It will be launched on November 19 at the Guangzhou Auto Show.

Shares of Xpeng were up more than 10% in afternoon trading in Hong Kong.

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The new car will add more competition to China’s already overcrowded electric vehicle market.

Xpeng also currently sells two sedans – its flagship P7 and P5.

In October, Xpeng delivered 10,138 cars, of which 3,657 units were its G3 and G3i SUVs, reaching a monthly record since the vehicle’s launch in December 2018.

The company said its cumulative deliveries have exceeded 100,000 by the end of October.

Xpeng faces competition from rival start-ups Li Auto and Nio, both of which have electric SUVs in the market as well as Tesla’s Model X.

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