XPeng Inc. (XPEV) saw its stock surge 8.76% in pre-market trading on Tuesday, following the release of its impressive third-quarter 2024 financial results and upbeat guidance for the fourth quarter.

The Chinese electric vehicle (EV) maker reported total revenues of RMB 10.1 billion ($1.44 billion) for the third quarter, exceeding market expectations and representing an 18.4% year-over-year increase. XPeng's gross margin reached a record high of 15.3%, reflecting significant improvements in cost control and product mix.

Notably, XPeng delivered 46,533 vehicles during the quarter, up 16.3% from the same period last year, driven by strong demand for its newly launched models, including the P7+ and Mona M03. The company's robust performance was further bolstered by the successful expansion of its sales and charging network, as well as strategic partnerships and initiatives.

Looking ahead, XPeng provided an optimistic outlook for the fourth quarter of 2024. The company expects vehicle deliveries to range between 87,000 and 91,000 units, representing a year-over-year increase of approximately 44.6% to 51.3%. Additionally, XPeng forecasts total revenues to be in the range of RMB 15.3 billion to RMB 16.2 billion, indicating a year-over-year growth of 17.2% to 24.1%.

XPeng's strong third-quarter performance and robust fourth-quarter guidance, coupled with its strategic initiatives and recognition for ESG performance, have fueled investor confidence, leading to the significant pre-market surge in the company's stock price.