XPeng has surpassed Geely Auto‘s market cap on the Hong Kong Stock Exchange, just two weeks after the company’s valuation overtook its rival Li Auto.
The Guangzhou-based brand’s shares — listed both in Hong Kong and the United States — have more than doubled this year as the company is on track to deliver on the ambitious targets set a year ago.
XPeng has delivered 355,209 vehicles in the first ten months of the year, reaching over 90% of the yearly target of 380,000 units.
Additionally, it has nearly reached its goal to double its presence in overseas markets from 30 to 60 — Cambodia, to which the brand expanded in late October, became its 54th global market.
The jump also came as the company reaffirmed its deal with Volkswagen in China, which includes joint vehicle development but also the deployment of its autonomous driving software to the German legacy automaker’s cars.
HK-listed Shares
Since the last day of October, XPeng‘s stock has surged over 24% in Hong Kong.
On Tuesday, the automaker’s HK-listed shares jumped 17.9% to HK$108.50.
Despite closing 3% lower on Wednesday, the company’s market capitalization remains at HK$200.9 billion ($25.8 billion).
The figures are above both Li Auto‘s HK$170.9 ($22 billion) and Geely‘s HK$178.8 billion ($23 billion).
In contrast, Geely‘s share price has fallen 4% since October 31, closing at HK$17.67 on Wednesday.
The company, which includes brands such as Geely Auto, Zeekr, and Lynk & Co, is not listed on Nasdaq.
Its shares closed nearly flat on Tuesday at $28.04, giving it a market capitalization of $7.2 billion.
US-listed Shares
XPeng’s share price surged more than 16% on Monday and rose an additional 7.8% on Tuesday, reaching a three-year high of $28.24.
The last time the stock went above $28 was in mid-July 2022.
In the past month, the Chinese automaker’s US-listed shares have been highly volatile, influenced by news about upcoming products, a new record on vehicle deliveries, and ongoing US-China trade tensions.
Year to date, XPeng‘s US-listed shares have soared 137%.
As of Tuesday, the company’s US market valuation stood at $26.8 billion, surpassing Li Auto’s $21.86 billion and Nio‘s $15.23 billion.
Volkswagen Partnership
Volkswagen partnered with XPeng in 2023 to jointly develop vehicles for the Chinese market.
The first model from the XPeng–Volkswagen joint venture, the ID.Unyx 08, has been revealed earlier this week.
The model is a fully electric SUV, based on XPeng‘s G9 platform and advanced driver assistance system (ADAS) software. Mass production is expected to begin next year.
A previous report had stated that the first model to feature the AD software would be a mid-size SUV and that Volkswagen was already testing XPeng‘s XNGP on the upcoming EV.
Last week, during its AI Day event, XPeng‘s founder and CEO He Xiaopeng said that the company is planning to open-source its autonomous driving stack to commercial partners, including chips, EEA architecture and VLA/VLM models.
By then, local media reported that South Korean Hyundai Group is in talks with XPeng to license its autonomous driving tech.
