Shares of Lizhi (LIZI) skyrocketed on Wednesday from Xpeng (XEPV) deal amounting to a 99.89% upsurge. The upsurge immediately came after the company strikes a deal with Xpeng for in car audio equipment.
- Lizhi is an audio company based in China that offers a collection of content on its platform.
- Deal confirmed with Xpeng to have its service added to the company’s smart electric vehicles (EVs).
- This will allow customers to make use of its premium content and AI-enhanced recommendations in the EVs.
- The deal is designed to be beneficial to both Lizhi and Xpeng.
- Lizhi’s platform was made available in Xpeng EVs earlier this week.
“We are excited to establish the cooperation with Xpeng Motors which is aimed to deliver better mobility experience for Xpeng Smart EV users. We believe this will strengthen our competitiveness in the in-car audio services space. As of September 30, 2020, there have been over 234 million podcasts uploaded to our platform. We will exploit this immense content base to heighten the creation of sought-after content and categories so as to deliver premium content to users in different living scenarios through our AI-empowered content distribution solutions. We are confident that our key strengths built on our advanced audio technologies, our AI-enabled content recommendation and distribution systems and massive content portfolios will add value to Xpeng Smart EV users.”Mr. Jinnan (Marco) Lai, Founder & Chief Executive Officer of LIZHI
LIZI stock is currently trading up 72% at the time of publication.