Xpeng (NYSE:XPEV) stock is in the news Wednesday after the electric vehicle (EV) company announced and expansion into Thailand.
Xpeng is partnering with car dealer Neo Mobility Asia which will give it access to Thailand and other Association of Southeast Asian Nations (ASEAN) nations. This will see it create a right-hand drive version of the G6 for these markets.
Thailand isn’t the only new market this partnership includes. The agreement with Neo Mobility Asia will also bring Xpeng’s G6 variant to Singapore and Malaysia. This has the Chinese EV company expecting deliveries to start in the third quarter of 2024.
Xpeng’s Thailand expansion was announced during the 45th Bangkok International Motor Show. It joins other EV companies in China that are seeking expansions to new regions to deal with growing competition in the country.
How This Affects XPEV Stock Today
Despite the announcement of this new partnership, shares of XPEV stock aren’t doing so hot today. This comes with 6.6 million shares traded as compared to a daily average of about 13.1 million shares.
XPEV stock is down 7.3% as of Wednesday morning. The stock is also down 43.7% since the start of the year.
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On the date of publication, William White did not have (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.
