Toronto, Ontario — In this, the first Tuesday Ticker of the year, we’ll look at two stocks that saw exponential growth in 2023—Chinese automaker Xpeng and fan-favourite Toyota.
Eyes on Xpeng
Analysts are looking at Chinese brands like Xpeng Motors for peak performance in 2024. Xpeng is expecting a “brighter 2024,” in the OEM’s own words, despite marking two consecutive months of 20,000+ unit delivery counts and a big partnership with a global OEM.
Xpeng partnered with Volkswagen in 2023. The German automaker took a stake in the company and will co-develop vehicles with Xpeng for the Chinese market.
The Chinese OEM also plans to launch an electric SUV for the European market next year. In Aug. 2023, Xpeng debuted a flying car–the X2–capable of low-altitude flying.
Shares of Xpeng nearly doubled from Jan. 1, 2023, through Dec. 13, 2023, with a high of US$23.39 per share on Jul. 28.
As of mid-December, shares of Xpeng traded around US$15 per share.
“We’re ready to gain considerable market share in 2024, achieving a high growth target that is significantly above the industry average,” said CEO Hi Xiaopeng.
Market competitors of Xpeng include Li Auto, NIO and Tesla.
Toyota on top
Toyota is closing the year with New York Stock Exchange shares up more than 30 percent, and Tokyo Stock Exchange shares up nearly 50 percent, year-to-date.
The Japanese OEM plans to roll out more than three million battery-operated vehicles by 2030; and 1.5 million annually by 2026. Last April company CEO Koji Sato laid out plans for Toyota to unveil ten new EV models annually come 2026.
Perhaps the market was particularly shocked by the move following years of skeptical comments regarding EVs by top executives at the automaker. Toyota had previously gone on the record to suggest other automakers were too quick to adopt new technologies on such a large scale.
As of mid-December, shares of Toyota traded at US$183.58, up 32.76 percent year-to-date.
