XPeng earnings show that Chinese EV market is shifting into higher gear

XPeng beats Q1 earnings and sales targets from Wall Street analysts.

stock rises as much as 26% following earnings release. Deliveries are rising swiftly this year with further good news for Q2. Management expects +48% annual revenue growth in Q2. XPeng stock spiked more than 26% at Tuesday’s open following the Chinese electric vehicle maker’s quarterly earnings. XPeng showed there was definitive light at the end of a dark tunnel for the Chinese EV sector.

stock has retained a 6% gain into the afternoon session. The Dow Jones, S&P 500 and NASDAQ have all registered slight gains, while competitor Nio gains less than 1%. XPeng earnings news XPeng reported adjusted earnings per American depository share of $-0.21, three cents better than Wall Street had expected. Those better results came on the heels of $910 million in revenue for the first quarter that bested consensus by more than 7% or $60 million.

stock is returning to 2-month highs, but it is also worrisome that shares sold off so resolutely. It appears that many shareholders of the ADS want out. The 20-day and 50-day Simple Moving Averages have been narrowing their separation for the past month, and on Tuesday theylanded right on top of each other. This might signal to us that the rally will continue from here despite the midday sell-off. Prior support/resistance at $9.

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