Why Is Xpeng (XPEV) Stock Up 4% Today?
Xpeng (NYSE:XPEV) stock is climbing higher on Thursday despite a lack of news from the electric vehicle (EV) company.
Instead, it looks like today’s increase continues to be the effect of China easing up on its zero-Covid policy. This change in stance has rekindled hope in investors of Chinese stocks after the pandemic and lockdowns caused many shares to fall.
The latest reports claim that China is looking at a full reopening sometime next year. That would be a welcome change for investors, as it would allow businesses to resume normal operations. Currently, travel is restricted and some lockdowns have been trouble for supply lines.
XPEV Stock Isn’t Out Of The Woods Yet
While XPEV stock has been climbing alongside other Chinese stock lately, it’s not totally in the clear. That’s due to concerns that China’s easing restrictions could lead to another wave of Covid-19 infections in the country.
If that happens, it could force the Chinese government to reconsider easing up on Covid-19 restrictions. This would spell further trouble for companies in the country, as businesses would risk facing lockdowns once again.
Even so, XPEV stock is seeing a 3.5% increase today alongside solid trading. As of this writing, some 24 million shares are on the move. That’s closing in on the company’s daily average trading volume of about 34.6 million shares. Investors will also want to keep in mind that XPEV is down 77.4% since the start of the year.
There’s more recent stock market news traders will want to know about below!
InvestorPlace offers up all of the hottest stock market news traders need to know about on Thursday! Among that is what’s happening with shares of Disney (NYSE:DIS), Cano Health (NYSE:CANO) and Mullen Automotive (NASDAQ:MULN) stock today. You can learn all about these matters at the following links!
More Thursday Stock Market News
- DIS Stock Alert: What to Know as Disney Debuts Ad-Supported Tier
- Billionaire Dan Loeb Just Gave Up on Cano Health (CANO) Stock
- Mullen (MULN) Stock Treks Higher on Vice President Hire
On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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