Shares of Chinese electric vehicle maker Xpeng gained nearly 8% in Hong Kong trading on Monday after the company set a launch timeline for its first hybrid model, the X9 EREV, boosting investor expectations for sales growth.
The stock rose 7.94% to HK$85.65, its highest level in almost five months, bringing its gains this month to 19%. The advance came after the extended-range version of Xpeng’s X9 multi-purpose vehicle was listed in China’s Ministry of Industry and Information Technology’s regulatory filing catalog, signalling an upcoming market debut.
The X9 EREV, described as the company’s first super hybrid model, is scheduled for release in the fourth quarter. It has undergone more than 800 days of testing with over 1,000 trial vehicles, including trials in 20 countries and 330 cities.
The model is slightly longer than the all-electric X9 and is powered by a 1.5-litre engine from Harbin Dongan Auto Engine that functions as a range extender.
The EREV is expected to offer a battery range of around 450 kilometres and will feature Xpeng’s Kunpeng Super Electric System, which the company says can provide a combined range of up to 1,400 km.
The current all-electric X9 is priced between 359,800 yuan ($50,090) and 419,800 yuan and has a CLTC range of 650 to 740 km. The hybrid version is aimed at addressing range anxiety and appealing to buyers of large 7-seat family vehicles.