February 9, 2021
XPeng (NYSE:
XPEV), I said, “We’re being offered opportunity with XPEV on a pullback. After racing from a November low of $20 to nearly $75, the XPEV stock dipped to find support around $41.86. I’d buy the XPEV stock here with a near-term target price of $75 on key catalysts.”
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That was on Dec. 31, as the XPeng stock traded around $42.
At the moment, it’s consolidating around $47. From here, as the electric vehicle boom accelerates, I’d like to see it closer to my initial target of $75.
XPEV Has the Pedal to the Metal
By 2030, the world could see up to 125 million electric vehicles on the road, according to the International Energy Agency, with the U.S., China, and Europe pushing for a greener future. Plus, President Joe Biden announced the U.S. will rejoin the Paris Agreement, and also wants to see more EVs in circulation. He even wants to replace the federal fleet with EVs.