© Reuters. XPeng (XPEV) EV Spontaneously Catches on Fire; Investigation Ongoing
Xpeng Inc (NYSE:) reported its 4Q Monday with positive results, beating consensus EPS estimates by $0.06 and coming in strong with a bottom-line beat. However, that same day, an XPeng G3 electric vehicle spontaneously caught fire in the southern Chinese city of Shenzhen. Reports show that nobody was injured in the incident.
In response, XPeng said that the company would fully cooperate with relevant departments to investigate the cause of the incident.
The latest incident is not the first time the company has dealt with concerns about vehicles catching fire. On April 14, 2021, an XPeng car burst into flames while charging in Guangzhou. On August 11, 2020, another one of its cars caught fire in Haizhu District, Guangzhou. Both vehicles involved were the XPeng G3.
By Michael Elkins
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