XPeng Inc. stock soared 7% in Tuesday trading.

Xpeng saw 7,000 insurance registrations last week, down 30.69 percent from 10,100 the previous week.

Despite the sequential slide, Xpeng overtook Li Auto at No. 1 in the new brands list for the first time. For the full year 2024, Xpeng delivered 190,068 vehicles, an increase of 34.23 percent year-on-year.

Xpeng announced that it and Volkswagen, one of the world's largest automakers, have signed a Memorandum of Understanding (MOU) for strategic collaboration on superfast charging networks in China on Monday.

More than 20,000 charging piles operated by the two companies, covering 420 cities in China, will be available to Xpeng and Volkswagen customers, according to an announcement on Monday.