Why XPeng Shares Shot Higher Today
Shares of Chinese electric-vehicle (EV) maker XPeng (NYSE: XPEV) rocketed higher Wednesday morning after it surprised investors with news of a major new partner. The announcement led to a whopping 27.7% increase in XPeng's stock, as of 11:30 a.m. ET. That helped bring the one-month return for XPeng shares to more than 96%.
XPeng and global automotive giant (OTC: VWAP.Y) are entering into a long-term strategic partnership to jointly develop two Volkswagen-branded EVs. At the same time, the German automaker is taking a 5% stake in XPeng with an investment of $700 million.
Investors in the early-stage Chinese EV maker are sending the stock higher as they see the influx of cash and the addition of a very strong partner as a major boost to its prospects.
Source Fool.com
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