Analysts at Jefferies on Friday upgraded their rating on China’s XPeng Inc. shares XPEV, +15.68% 9868, +5.06% to buy, from hold, saying that Volkswagen AG’s partnership with the EV maker marks “the start of China OEMs exporting technologies to foreign players.” The partnership will help Xpeng to increase its brand image globally, the Jefferies analysts said. Moreover, sales momentum is “on an uptrend,” they said. American Depositary Shares of XPeng have gained 134% so far this year, compared with gains of around 19% for the S&P 500 index. SPX, +0.99%
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