Xpeng shares zoom ahead on Q2 forecast

Xpung expects deliveries to accelerate in the second quarter. The automaker sees price cuts drawing more buyers to its electric vehicles in China. Investors were delighted by Tuesdays announcement and shares soared 25% before scaling back. Exponent expects to hand over up to 32,000 vehicles in Q2, well up on the year. The forecast signals a few things were paying off for the firm, including promotions and discounts. Heavy investments in new technology like artificial intelligence and self driving also helped. Experts see discounts for xpungs G6 and G9 electric SUV's boosting deliveries volume in the near term, but they warn that new entrants like Xiaomi will pressure Exponent sales in the long run. Expunge first quarter revenue of $905.21 million beat estimates The automaker also wants to expand into overseas markets. It aims to capitalize on EV subsidies many countries have offered in efforts to cut fossil fuel consumption.