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XPEL clarifies on its business levels with Tesla

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Installation of a protective paint and varnish matte film on the car. The PPF polyurethane film protects the car paint from stones and scratches, blurry focus. Chelyabinsk, Russia, April 03, 2021

Akifyeva Svetlana/iStock via Getty Images

XPEL (NASDAQ:XPEL) disclosed in a SEC filing on Thursday that the company is currently in discussions with multiple automobile manufacturers about adding new or expanding existing programs for XPEL products on their vehicle platforms.

XPEL (XPEL) said a blog post on Wednesday indicated that Tesla (TSLA) has started offering color and clear paint protection film wraps in two of their Service Centers in California. Subsequently, XPEL (XPEL) has had numerous investor inquiries regarding the contents of the blog post, and the potential impact to the company going forward. While XPEL (XPEL) disclosed that it is not involved in that particular program, the Texas-based company said it continues to believe that OEM involvement in paint protection film grows awareness about the product category and expands the market opportunity. On the financial front, XPEL (XPEL) said its paint protection film-related revenue (including product and service) with respect to Tesla vehicles is approximately 5% of its total year to date revenue.

Shares of XPEL (XPEL) tracked 1.25% higher in premarket trading on Thursday to $67.26 vs. the 52-week trading range of $57.13 to $87.46.

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