Xpeng’s surging stock price may signal the hype of EV
The stock price of the Chinese electric vehicle maker Xpeng on the first day of its New York Stock Exchange listing was amazing – it closed up 41.5% at $21.22 on Thursday. Though some analysts have warned of the bubble, the wild climb-up indicates the heat of EV stocks among investors, ignited by Tesla’s strong performance. Xpeng is another Chinese EV maker that’s operating at a loss and relying on investors’ financial backing, together with its domestic counterparts Nio and Li Auto. However, the company’s claimed ‘strong capability in self-driving’ has made it outstanding compared to its peers.