On June 1, XPeng rose 5.23% in pre-market trading, trading at $17.22/share, with trading volume of $370,200. Multiple positive catalysts continued to drive the stock higher.

On the earnings front, XPeng reported Q1 total revenue of RMB 13.03 billion with an overall gross margin of 20.6%, representing a 5-percentage-point improvement year-over-year. Meanwhile, the company's flagship full-size SUV, the XPeng GX, officially launched at a starting price of RMB 269,800, accumulating 24,863 orders within 12 hours of debut — significantly exceeding market expectations. The Ultra flagship edition accounted for over 80% of orders, while showroom traffic and test drive volumes hit all-time highs for a new model launch.

Additionally, the company reported May deliveries of 32,158 vehicles, up 4% month-over-month. Q2 delivery guidance stands at 100,000 to 106,000 units, implying approximately 60% sequential growth. Analysts note that the convergence of a fundamental inflection point, improving return on invested capital, and favorable liquidity dynamics from Stock Connect inclusion supports a structural compression in risk premium.

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