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U.S.-listed Chinese electric vehicle maker Xpeng Inc (NYSE:XPEV) is expected to deliver 13,000 units in January, cnEVpost reported on Sunday, citing a local publication.
What Happened: The Guangzhou, China-based Xpeng had delivered about 12,195 electric vehicles in China in the month, as of Jan. 25, as per the report.
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Based on 13,000 units in January, Xpeng is expected to report a 116% year-on-year delivery jump and a decline of about 19% over December.
Xpeng delivered a record 16,000 electric vehicles in December, more than those of homegrown rivals Nio Inc (NYSE:NIO) and Li Auto Inc (NASDAQ:LI).
The electric vehicle maker is expecting to deliver a total of 250,000 units this year, the report noted. Xpeng delivered 98,155 electric vehicles in 2021.
The decline in January deliveries is related to the traditionally slow-sales season before the Lunar New Year, the report noted. China New Year Holiday starts on Jan. 31 and lasts till Feb. 6 this year.
Xpeng reportedly expects delivery volume to drop to around 9,000 units in February before rising again. The electric vehicle maker expects deliveries to be about 16,000 units.
Why It Matters: Investors are looking closely at delivery numbers for China’s homegrown electric vehicle startups as they continue to ramp up deliveries and expand in local as well as overseas markets.
Xpeng, Nio and Li Auto have quickly established their electric vehicle products and strategies to take on industry leader Tesla Inc (NASDAQ:TSLA), even as legacy automotive players such as General Motors Co (NYSE:GM), Ford Motor Co (NYSE:F) and Volkswagen Group (OTC:VWAGY) rush to make the big “green” switch.
Price Action: Xpeng stock closed 1.4% lower at $32.15 a share on Friday. Under pressure, the stock is already down 36% year-to-date.
Photo: Courtesy of Xpeng
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.