Xpeng Shares Surge on Optimism Over Progress in Humanoid Robots

(Bloomberg) — Xpeng Inc. shares surged to their highest level in more than three years, amid growing optimism over the Chinese electric carmaker’s progress in technologies including humanoid robots.

The Hong Kong-listed shares rallied 18% on Tuesday to the highest level since July 2022. It was also their biggest one-day gain in over two years. The company’s American depositary receipts surged 16% on Monday, buoyed also by a broad advance in the US market.

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Xpeng’s recent showcase of cutting-edge technologies — from its IRON humanoid robot to robotaxis — has fueled investor enthusiasm about its potential beyond traditional electric vehicles. While these innovations have yet to translate into near-term earnings gains, they are reshaping market perceptions of Xpeng’s valuation.

“Xpeng can expand into new verticals beyond its core battery electric vehicle business including extended-range electric vehicles, robotaxis, electric vertical take-off and landing aircraft, humanoid robotics and artificial intelligence semis,” said Eugene Hsiao, head of China equity strategy at Macquarie Capital Ltd. “Investors have started to factor in the potential upside optionality if one of these bets succeed.”

Positive sentiment in the stock was also helped by the upcoming launch of the ID.UNYX 08 car model, the first one built in collaboration with Volkswagen Anhui Automotive Co., the majority-owned Chinese joint venture of German automaker Volkswagen AG.

Xpeng shares in Hong Kong have risen more than 130% so far this year, beating rival Nio Inc.’s 58% gain and Li Auto Inc.’s 15% drop.

–With assistance from Linda Lew.

(Updates with Hong Kong closing prices)

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