XPeng Inc. (NYSE:XPEV) shares are trading slightly higher on Wednesday, following mixed third-quarter results from its rival, NIO Inc. (NYSE:NIO).

China’s $376 billion electric vehicle (EV) market continues to attract new entrants, including companies outside the traditional automotive sector, like makers of vacuum cleaners and hair dryers, according to a report from the South China Morning Post.

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Despite optimism, the domestic EV market, the world’s largest, is projected to stagnate over the next two years in terms of revenue growth, the report read.

XPeng’s flying car subsidiary, Xpeng Aeroht, made significant progress at the 15th China International Aviation and Aerospace Exhibition, securing 2,008 pre-orders for its modular flying car, the Land Aircraft Carrier.

Despite these developments, XPeng’s stock has dropped over 30% in the past year. Investors seeking exposure to XPeng can access the stock through the SPDR S&P Kensho Smart Mobility ETF (NYSE:HAIL).

Price Action: XPEV shares are trading higher by 2.04% to $12.78 at last check Wednesday.

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