Tesla rival Xpeng reports sevenfold rise in sales revenue as demand for electric vehicles in China soars

• The electric car maker reported US$450.4 million in sales revenue in the first quarter, a massive leap of 616.1 per cent from a year earlier, and better than forecasts
• The results mark a high-water level for the seven-year-old company, which listed in New York last year, and produced its first electric car in 2018