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Xpeng, Li Auto Report Strong April Deliveries As Chinese EV Makers Weather The Chip Crisis

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Xpeng, Li Auto Report Strong April Deliveries As Chinese EV Makers Weather The Chip Crisis

A day after Nio, Inc. (NYSE: NIO) reported strong April deliveries, domestic peers Xpeng Inc. (NYSE: XPEV) and Li Auto Inc. (NASDAQ: LI) also announced strong numbers for the month.

The performances of the three U.S.-listed Chinese EV makers came despite chip supply shortages that disrupted production.

Xpeng: Xpeng reported April deliveries of 5,147 vehicles, comprising 2,997 P7 sports smart sedans and 2,152 G3 SUVs.

The company's April deliveries increased 285% year over year and represented a marginal increase from the 5,102 deliveries in March.

Related Link: Xpeng Proposes EV Manufacturing Plant In Wuhan

Xpeng expanded its product portfolio, having added the P7 Wing edition and a G3 version powered by lithium iron phosphate batteries. The company said it is on track to deliver an LFP battery-powered P7 model in May.

Commercial launch of the company's lidar-equipped P5 sedan is scheduled for the third quarter, with deliveries expected to begin in the fourth quarter.

Xpeng has recently struck a strategic partnership with Chinese automobile dealer Zhongsheng Group under which the latter will invest in and operate Xpeng-branded dealership outlets. The company has also announced construction of a new manufacturing facility in Wuhan, with an expected annual capacity of 100,000 units.

Li Auto: Li Auto delivered 5,539 Li ONEs, its sole smart EV model, in April, representing a 113% year-over-year increase. In March, the company delivered 4,900 Li ONEs.

The company said it expects to capture an increasing share of the electric vehicle market with existing and new model launches down the road. It also aims to further strengthen its direct sales and servicing network.

Xpeng ended Friday's session down 2% at $29.91, while Li Auto shares were up 0.97% at $19.47 at Friday's close.

Related Link: Why Xpeng Is Embracing a Dealership Distribution Model with Zhongsheng Group

Photo credit: Navigator84, Wikimedia

 

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