Chinese electric vehicle maker Xpeng Inc – ADR XPEV announced a milestone for its vehicle lineup on Tuesday, sending its stock higher.
What Happened: Xpeng, which listed its shares on the NYSE in late August, said it has successfully completed production of its 10,000th P7 EV sedan from its wholly owned factory in Zhaoqing, Guangdong Province.
"Today sees us achieving the 10,000th unit production target earlier than expected. We delivered on our promise to bring high-quality smart EVs to meet our customer demand," He Xiaopeng, Xpeng's chairman and CEO, said in a statement.
The P7 is Xpeng's long-range smart sedan; it comes in three variants. The standard version, which is the base model, is priced at 229,900 yuan ($34,433) after subsidies. It has a NEDC range of 706 km.
It is Xpeng's second mass market model and launched in late April.
Earlier this month, Xpeng reported third-quarter deliveries of 8,578 vehicles, with the P7 accounting for 2,573 units.
Related Link: Tesla Vs. Nio Vs. Xpeng: A Look At The Chinese Electric Vehicle Market
Why It's Important: The Chinese EV market is set to see accelerated growth in the coming years, and this is expected to benefit all EV makers operating in China, JPMorgan analyst Nick Lai said in a recent note.
The analyst said he sees Xpeng leading the mass market.
What's Next: Xpeng is scheduled to hold its annual Tech Day Saturday. The company said it will provide an update on its self-developed in-car intelligent operating system Xmart OS and autonomous driving system XPILOT.
XPEV Price Action: At last check Tuesday, Xpeng shares were trading 2.47% higher to $20.33.
Related Link: Revisiting Nio's Dream Run This Week
Photo courtesy of Xpeng.
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