The Hong Kong-based electric vehicle (EV) manufacturer XPeng, Inc. (HK:9868) has partnered with UAE-based Ali&Sons, signaling an acceleration in its global expansion efforts. XPeng share price traded up by 0.55% today. The stock has lost over 35% of its value since the beginning of 2024 amid continued macro uncertainty and intense competition in China’s EV market.
XPeng is a Chinese smart EV company that aims to spearhead the EV transformation through cutting-edge technology.
More About the Partnership
Under this partnership, several of XPeng’s models will be available for purchase in the five Middle Eastern and North African countries starting in the second quarter. The company is set to introduce the G6 and G9 SUV models in the UAE beginning in the third quarter. Ali&Sons is a conglomerate with a presence in multiple sectors like automotive, oil and gas, retail, etc.
The partnership also supplements XPeng’s existing partnerships with local dealers in markets such as Egypt, Azerbaijan, Jordan, and Lebanon. The company will begin delivering models like the P7 sedan and G9 SUV in Jordan and Lebanon in the second quarter and in Egypt in the third quarter.
This deal marks a significant milestone in the company’s expansion strategy, which now includes tapping the Italian market and other regions across Europe.
Earlier this week, XPeng’s CEO emphasized its growth strategies and expressed the intention to increase its workforce in an internal communication to its employees.
What is the Future of XPeng Share Price?
On TipRanks, 9868 stock has received a Moderate Buy consensus rating from analysts based on two Buys and one Hold recommendation. The XPeng share price forecast is HK$75.63, which implies a huge upside of 108.6% from the current level.
