Chinese electric vehicles (EV) manufacturer XPeng, Inc. (XPEV) has shipped the first batch of its flagship sedan P7 from its headquarters in Guangzhou to Norway, according to a report by StreetInsider.com. It is the first time that the company has exported P7.
XPeng develops, designs, produces and sells EVs mainly in China. It also provides bank loans, an autonomous driving software system, auto insurance and vehicle leasing services.
The company said, “While China remains its base and core market, XPeng is committed to developing international markets with a long-term perspective. The rollout of the P7 in Norway represents the next logical step in this strategy, and vindicates its progress to date in developing its presence outside China.”
XPeng plans to begin delivering P7s to customers in Norway in the fourth quarter. The company’s shares gained 2.2% on Tuesday. They climbed another 0.4% in after-hours trading to finally close at $40.75. (See XPeng stock chart on TipRanks)
On August 2, Bank of America Securities analyst Ming-Hsun Lee maintained a Buy rating on the stock with a price target of $52. The analyst said, “We expect the launch of Wuhan factory will largely enhance XPeng’s manufacturing abilities and support its model pipelines ahead.”
Overall, the stock has a Strong Buy consensus rating based on 7 unanimous Buys. The average XPeng price target of $55 implies 35.6% upside potential. The company’s shares have gained 91.1% over the past year.
According to TipRanks’ Smart Score rating system, XPeng scores a 9 out of 10, suggesting that the stock is likely to outperform market averages.
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