Xpeng shares rallied sharply on Nov. 11, driven by the company’s recently concentrated rollout of new products and technology strategies.
Xpeng (09868.HK) surged during intraday trading on Nov. 11, climbing more than 18% at its peak. As of press time, the stock traded at HK$108.50 ($13.9), giving the company a market capitalization of about HK$207.21 billion ($26.5 billion), surpassing Geely’s (00175.HK) HK$183.35 billion ($23.5 billion).
The rally extended gains from the previous session. On Nov. 10, Xpeng’s U.S.-listed shares (XPEV.US) rose more than 16%, helped by easing concerns over a potential U.S. government shutdown.
Xpeng’s recent share strength is closely tied to a flurry of product and technology announcements.
At its “2025 AI Day” on Nov. 5, Xpeng unveiled four major applications in “physical AI”: its second-generation VLA foundation model, Xpeng Robotaxi, the new IRON humanoid robot, and the HT flying car.
For the Robotaxi program, Chairman He Xiaopeng said Xpeng plans to launch three fully in-house, mass-produced Robotaxi models in 2026 and start trial operations. The SDK will be opened for developers, with Amap joining as the first global ecosystem partner.
Meanwhile, the debut of the IRON female humanoid robot — showcasing highly human-like gait — has drawn wide attention.
During a prior media briefing, He said Xpeng aims to achieve high-volume manufacturing of advanced humanoid robots by end-2026. He believes future humanoids will be deployed across differentiated roles; Xpeng will focus on human-like forms while allowing secondary development for its robots.
On the vehicle-delivery side, Xpeng set a new record. The company delivered around 42,000 vehicles in October, up 76% YoY and 1% MoM. Cumulative deliveries for the first 10 months hit 355,200 units, rising nearly 190% YoY.
By comparison, Geely delivered 307,100 vehicles in October, up 35% YoY; its 10-month cumulative deliveries rose 44% YoY to 2.477 million units. Although Geely’s October volume was 7.3 times Xpeng’s, its growth rate lagged.
On the financial side, Xpeng’s net loss has been narrowing. Revenue in H1 2025 reached RMB 34.09 billion ($4.7 billion), up 132.5% YoY. Net loss came in at RMB 1.14 billion ($159 million), down from RMB 2.65 billion ($371 million) a year earlier.
Automotive gross margin improved to 14.3% in Q2, while overall gross margin rose to 17.3%.
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