Chinese electric vehicle startup Xpeng Motors reached a market capitalization of about USD26 billion, surpassing traditional automaker Geely Automobile Holdings, which stood at roughly USD23.5 billion on Tuesday.

After soaring 18% the previous day, Xpeng’s shares [HKG: 9868] fell 3% on Wednesday to USD13.54 apiece, giving the company a market value of around USD25.8 billion. Geely Auto [HKG: 0175] closed 2.5% lower at USD2.27, bringing its market cap to about USD23.2 billion.