Xpeng shares spike as the Chinese EV maker teases new SUV

Xpeng strategies to launch a new sporting activities utility vehicle less than its “G” line of automobiles on November 19. The business teased an picture of the car’s silhouette.

Xpeng Inc.

GUANGZHOU, China — Chinese electric powered carmaker Xpeng teased a new sports utility motor vehicle on Friday, with the launch scheduled for following week.

The car is very likely to be the successor to Xpeng’s current SUV the G3 and G3i. It will be released at the Guangzhou automobile show on Nov. 19.

Xpeng shares were being up over 10% in afternoon trade in Hong Kong.

The new car will increase further competitors to China’s already crowded electric car market.

Xpeng also presently sells two sedans — its flagship P7 and the P5.

In Oct, Xpeng delivered 10,138 cars, of which 3,657 models were its G3 and G3i SUV, reaching a month to month record because the vehicle’s launch in December 2018.

The company reported its cumulative deliveries have exceeded 100,000 as of the conclude of October.

Xpeng faces competitiveness from rival get started-ups Li Auto and Nio, both of which have electric SUVs on the market, as nicely as Tesla’s Product X.