Why EV Maker XPeng's Shares Took Off in October

Shares of Chinese electric vehicle maker XPeng (NYSE: XPEV) had a strongmOctober, gaining 31.2%, according to data from S&P Global Market Intelligence. While that still only brings its year-to-date return to about 8%, the company is showing momentum in its business that investors are giving it credit for.

XPeng delivered more than 10,000 vehicles in October for the second month in a row. Those figures represent at least a year-over-year tripling of deliveries each month. Notably, better-known competitor Nio (NYSE: NIO) delivered only 3,667 vehicles in October, both because of supply chain constraints and an outage to upgrade its manufacturing lines as overall electric vehicle demand grows in China.

Source Fool.com