Stock Track | XPeng Surges on China's Expanded EV Subsidies

Stock Track07-27

Shares of XPeng Inc. (XPEV) soared 6.89% on Friday, driven by China's announcement of an expanded stimulus program to subsidize purchases of new energy vehicles and consumer electronics.

The Chinese government unveiled plans to allocate an additional 300 billion yuan ($41.5 billion) to boost stagnant retail spending. A significant portion of these funds will be directed towards subsidizing the purchase of electric vehicles (EVs) and promoting trade-ins of gasoline vehicles for new energy vehicles.

As a leading Chinese EV manufacturer, XPeng is expected to benefit significantly from this stimulus measure. The subsidies for trading in passenger cars for new energy vehicles will double to 20,000 yuan, up from the 10,000 yuan subsidy announced in April. This move is aimed at boosting demand for EVs and supporting the country's automotive industry, which accounts for nearly 10% of China's gross domestic product.

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