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(Bloomberg) -- Xpeng Inc. shares rose after the company’s chairman said it plans to start mass production of its flying car model and industrial robots by 2026.
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The electric vehicle maker’s Hong Kong-listed shares advanced as much as 7.1% on Monday, briefly touching the highest level since August 2022, before paring some of the gains. The stock has nearly doubled this year, beating all other peers on a Bloomberg Intelligence gauge of global electric vehicle stocks, which was up more than 4% since the start of January.
There’s growing interest in companies that produce high-technology products as investors look for firms to ride Hong Kong’s artificial intelligence-led equity rally. Interest in Xpeng has also been helped by strong order momentum for its new battery EV models on the back of competitive pricing and autonomous driving features.
“Xpeng shares have got a lift this year from its improving monthly sales figures, demonstrating to investors that its product strategy are working well despite intense competition,” said Steven Leung, executive director at UOB Kay Hian Hong Kong Limited. While the company’s latest updates on flying cars and humanoid robots could boost sentiment, “it’s still distant for those projects to translate into earnings contributions.”
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