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XPeng Stock Rallies Following PT Raises, Comments on European Expansion Plans -Breaking

by Mike Robinson

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© Reuters

Sam Boughedda

Investing.com — Xpeng Inc (NYSE:) has strengthened around 7% Wednesday after positive price target changes and comments about its European expansion plans.

Brian Gu (Vice President and Chairman of XPeng) stated that the company would like half its vehicle deliveries from outside China. “As a company that focuses on global opportunities, we want to be balanced with our contribution of delivery — half from China, half from outside China — in the long run,” Gu explained in an interview on Squawk Box Asia.

Gu stated that XPeng intends to continue investing in international markets within the next few years after its initial shipment to Norway at 2020. In 2022, the company plans to expand into the Dutch, Danish and Swedish markets.

Citi analyst Jeff Chung has raised his target price to $92 instead of $87. This is good news for the stock and maintains a Buy rating. According to the analyst, XPeng had “robust” Q3 results. Chung views robotaxi’s as a possible catalyst for next year.

BofA’s Ming Hsun Lee also increased the price target for XPeng shares from $63 to $66, maintaining a Buy rating. Following the earnings report, Lee also raised the 2022 and 2023 sales forecasts for the company.

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