XPeng Inc. (XPEV)

Nov 12, 2021Trade Ideas

With the EV boom revving up, keep an eye on XPeng Inc. (XPEV).

It appears the stock is ready to break from consolidation around $47.58 to the upside. If it can successfully break out, XPEV could test an early 2021 high of $60. Even Citi analyst Jeff Chung is bullish, raising the firm’s target price to $87.50 from $53.40 with a buy rating.

Pushing the stock higher, the company is unveiling a new sport utility vehicle next week. In fact, according to a company press release, XPEV will unveil a “new smart EV model” on November 19, 2021 at the Guangzhou auto show.

In addition, XPEV deliveries soared to 10,138 in October – its second month with more than 10,000 deliveries. Year to date vehicle deliveries are now up 289% year over year to 66,542.

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