NIO, Inc. NIO and XPeng, Inc. XPEV shares are trading higher Friday amid strength in Chinese EV names. CLSA also upgraded XPEV Thursday morning.
What Happened:
CLSA analyst Ding Luo upgraded XPeng from a Buy rating to an Outperform rating and raised the price target from $10 to $13.10.
The company on Thursday also launched its G6 Ultra Smart Coupe SUV. Deliveries of the vehicle are expected to begin in July.
Nio was last up 4% adding to gains of more than 15% over the last week and nearly 30% over the last month.
In mid-June, Nio launched its first smart electric tourer, the ET5T. Deliveries commenced earlier this month in China, and the company said deliveries in European markets are set to begin in the fourth quarter.
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XPEV, NIO Price Action: According to Benzinga Pro, XPeng shares are trading 14% higher at $13.50 and NIO shares are trading 3.8% higher at $9.75 at the time of publication.
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