From CNBC: 2024-08-27 22:14:26

Chinese EV company Xpeng’s founder, He Xiaopeng, plans to focus on integrating artificial intelligence in the next decade to stay ahead in the industry.

Xpeng’s new mass-market brand Mona launched with prices starting at $16,812, triggering a surge in stock prices. Orders for the Mona M03 electric coupe exceeded 10,000 within 52 minutes of its launch in Beijing.

Xpeng’s U.S.-listed shares surged 6.5% in New York, while Hong Kong shares rose nearly 2% after the successful launch of the Mona brand. Consultant Michael Dunne praised China’s ability to produce affordable cars, cementing its global manufacturing hub status.

He Xiaopeng, Xpeng’s CEO, bought 1 million shares each of the company’s U.S. and Hong Kong stocks, totaling about $10 million. This increased his ownership to around 18.8%. Xpeng shares have dropped over 45% this year, contrasting with the positive stock performance after He’s purchase.

Tesla saw a nearly 2% decrease in shares, while Chinese electric car companies Zeekr and Li Auto experienced share price increases. Nio’s shares closed slightly lower. The overall market response indicates varied investor sentiments towards different electric vehicle companies.

Contributions to this report were made by CNBC’s Sheila Chiang.

Read more: Chinese EV maker Xpeng shares pop 6% after its mass-market car launch