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Shares of XPeng Inc. (NYSE: XPEV) are trading higher in pre-market activity after the company announced its vehicle delivery results for June and the second quarter of 2023. 

In June, the company delivered 8,620 Smart EVs, showing a 15% increase compared to the previous month. The deliveries of the P7 series specifically increased by 17% over the prior month. XPeng has achieved positive delivery growth for five consecutive months.

For the second quarter of 2023, the total Smart EV deliveries reached 23,205 units, indicating a quarter-over-quarter increase of 27%. As of June 30, 2023, XPeng has successfully delivered over 300,000 Smart EVs.

In pre-market, $XPEV is currently trading at $14.86, up $1.44 (+10.73%).

In other news, ACM Research, Inc. (Nasdaq: ACMR), a leading provider of wafer cleaning technologies for the semiconductor industry, received an upgrade from Jefferies, who raised its rating from Underperform to Buy and increased the price target from $9 to $23.4.

With $ACMR closing at $13.08 on Friday, the upgraded price target suggests a potential upside of $10.32 or approximately 78.83%, based on the investment advisory firm's analysis.

The potential upside discussed for ACM Research is derived from evaluations and recommendations offered by Jefferies, representing the investment advisory firm's perspective on the company's future performance. Nonetheless, it is vital for investors to conduct their own independent research and take into account additional factors before making any investment decisions.

THIS IS NOT A RECOMMENDATION TO BUY OR SELL ANY SECURITY OR DIGITAL ASSET. Please consult with a professional investment advisor before purchasing or selling any securities viewed on or mentioned herein. (Read Full Disclaimer)