XPeng Inc XPEV Stocks are trading higher on Tuesday, recovering after falling on Monday’s news Xi Jinpings third term.
What happened: The Central Committee of Chinese Communist Party elected Xi as his general secretary for another five years. He was first elected in 2012 and his second term was due to end this year. Xi also appointed loyalists to the Politburo Standing Committee, which represents the core circle of power in the Chinese Communist Party.
Under Xi, China has cracked down on big tech companies citing privacy concerns. Xi is also sticking to his strict zero-COVID policy This has led to prolonged lockdowns in several Chinese cities while most of the world has reopened.
investors seemed worried on the potential for continued tough Chinese policies after Xi’s re-election as secretary-general, but buyers are coming back Chinese names on Tuesday.
XPeng designs, develops, manufactures and sells electric vehicles in China.
See also: Tesla Shares Fall After China Price Cuts What Does It Mean for NIO, XPeng and Li Auto?
XPEV Price Action: XPeng has a 52-week high of $51.50 and a 52-week low of $6.25.
As of press time, the stock is up 10.8% to $7.94 Gasoline Pro.
Photo: courtesy of XPeng.
