On June 2, XPeng rose 5.41% overnight, trading at $18.13/share, with trading volume of $5.25 million.

On the news front, multiple catalysts converged to drive the stock higher. The company reported Q1 total revenue of 13.03 billion RMB, exceeding the market consensus estimate of 12.91 billion RMB, while overall gross margin reached 20.6%, a 5-percentage-point improvement year-over-year. Additionally, May deliveries came in at 32,158 vehicles, up 4% month-over-month, demonstrating sustained momentum.

The company's flagship SUV, XPeng GX, received 24,863 pre-orders within 12 hours of launch and has commenced nationwide deliveries. Furthermore, Macquarie upgraded XPeng's rating to Outperform, adding institutional endorsement. Broader strength in Chinese ADR stocks overnight also provided sector-level tailwinds.

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