XPeng Stock Gains In Pre-Market As Tesla's Chinese Rival Reportedly Looks To Hire Over 6,000 Workers In 2025
XPeng also plans to expand its presence from 30 markets to 60 in 2025.
FollowShares of XPeng Inc. (XPEV) gained in pre-market trading on Tuesday after a report revealed that Tesla’s Chinese rival is looking to hire over 6,000 workers in 2025.
A Reuters report, citing an internal letter from the company's CEO, He Xiaopeng, revealed that XPeng wants to expand its workforce due to rising competition in the electric vehicles (EV) industry.
Xiaopeng reportedly expects intensifying competition as well as a price war starting in 2025.
This also comes at a time when XPeng is looking to expand its presence to 60 markets next year, from the existing footprint of 30 countries.
XPeng is not alone in going on a hiring spree – Chinese auto giant BYD Co. has already hired over 200,000 workers between August and October as it looks to boost its manufacturing capacity.
Reacting to the news, XPeng’s shares gained nearly 1.4% in pre-market trading on Tuesday.
XPeng also saw its weekly registrations rise 38.4% week-on-week to more than 10,000 units for the first time, which acted as another catalyst for the stock during the pre-market hours.
According to data from CnEVPost, XPeng’s insurance registrations during the week of Dec. 23 to Dec. 29 stood at 10,100 units. The company has guided 87,000 to 91,000 deliveries for the December 2024 quarter.
Retail sentiment on Stocktwits improved to ‘neutral’ from ‘bearish.’
One user advised traders to look out for “bounce play,” a strategy focusing on buying a stock once it reaches a certain support level.
Another user celebrated the surge in XPeng’s insurance registrations last week.
XPeng’s stock has had a tough 2024—in the past month, it has declined nearly 6.5%. Year-to-date, XPeng’s shares are down nearly 15.5%.
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