XPeng Inc. ( XPEV ) shares are rising on Tuesday, driven by positive sentiment toward U.S.-listed Chinese stocks after President Donald Trump’s inauguration speech.

In a move signaling growth, XPeng ( XPEV ) announced plans to open a new headquarters in Guangzhou this August, CnEV Post reports.

The new office space will support the company’s hiring goals as it plans to expand its workforce by thousands this year.

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The current headquarters is located in Guangzhou’s Tianhe District. XPeng ( XPEV ) also revealed plans for further office expansions in other cities, the report adds.

Additionally, XPeng’s Mona M03 electric sedan continues to perform well in the market.

The company reported that deliveries of the Mona M03 surpassed 60,000 units as of January 18, boosting expectations for the traditionally slow month of January, CnEV Post adds.

According to Benzinga Pro, XPEV stock has gained over 59% in the past year. Investors can gain exposure to the stock via VanEck Low Carbon Energy ETF ( SMOG ) and Global X Autonomous & Electric Vehicles ETF ( DRIV ) .

Price Action: XPEV shares are trading higher by 5.7% to $14.94 at last check Tuesday.

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