One of Tesla’s Chinese rivals, Xpeng Inc., saw its stock price surge 9% after it reported narrowing losses, strong gains in deliveries and a growing focus on self-driving software.
The electric-car maker booked a net loss of 786.6 million yuan ($120.1 million) in the first quarter, compared with a net loss of 935.1 million yuan in the same period last year, according to the company’s latest earnings report released Thursday. The New York-listed stock surged 9.18% to $25.70 at closing Friday.