Benzinga | Oct 15, 2021 12:52PM EDT

Why Xpeng Shares Are Rising

Shares of Chinese electric vehicle companies, including Xpeng Inc - ADR (NYSE:XPEV) are trading higher in sympathy with peer NIO following reports suggesting NIO announced it would be able to double annual production capacity at its Hefei facility in 2022.

According to a CnEVPost report, NIO said the upgrade is for the start of production of new models, including the ET7. The current annual production capacity is 120,000 units per year, and will reach 240,000 units per year after the overall upgrade is completed.

Following all the expansion work and with extra operating shifts, the plant would be able to make up to 300,000 cars a year, as per the report.

Xpeng has a 52-week high of $74.49 and a 52-week low of $18.50.