XPeng (NASDAQ: XPEV) seems to have cracked the problem of flying cars, which has, in turn, sparked the interest of investors on Wall Street and across the globe.
Namely, the firm’s X2 completed its first global public flight on October 10 in Dubai, United Emirates. The flying car was built by XPeng Aeroht, the largest flying car company in Asia and an affiliate of XPeng.
The flight required a special permit from the Dubai Civil Aviation Authority (DCAA), along with specific operations and risk assessments from the authorities, before being given the green light.
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Commenting on this achievement, Brian Gu, Vice Chairman and President of XPeng, stated:
“XPENG X2’s public display in Dubai represents a significant milestone for XPENG AEROHT and the international achievement of flying cars. Dubai is a world-renowned ‘City of Innovation’, which is the reason we decided to hold the X2 first public flight event here. Today’s flight is a major step in XPENG’s exploration of future mobility.”
XPEV chart and analysis
XPEV is currently trading near the lower end of its 52-week range, with an average trading volume of 20 million shares traded daily. However, more recently, the number of shares traded almost doubled in a few sessions.
Over the past month, shares traded from $7.51 to $14.83, remaining slightly below daily moving averages, while technical analysis shows a resistance zone from $8.75 to $8.87.
Analysts rate the stock a ‘strong buy,’ with price predictions for the next 12 months seeing a potential increase of 464.11% from the current trading price of $7.94 to a potential price of $44.79 per share. Furthermore, out of the 11 TipRanks analysts covering XPEV, nine have a ‘buy’ rating, and two have a ‘hold’ rating.
Interest in electric vehicle (EV) manufacturers will likely remain high, despite the flying car, which can only further add to EV investors’ enthusiasm.
While the shares lost over 84% year-to-date (YTD), the potential seems to be there even among the analysts who see a whopping 400%+ recovery in the share price over the next 12 months.
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