Chinese EV startup XPeng, Inc. XPEV reported stellar November deliveries on Wednesday, underlining the ongoing fundamental momentum evident in recent months.
What Happened: Guangzhou, China-based XPeng said it delivered 15,613 vehicles in November, a 270% year-over-year climb and a 54% jump from October's 10,138 units.
The year-over-year growth accelerated from the 233% rate seen in October. It marked a record monthly total, beating the previous record of 10,412 units sold in September.
The November deliveries comprised 7,839 P7 sedans, 2154 units of P5 family sedan launched in September, and 5,546 units of the G3i SUV and 74 units of the G3 SUVs. XPeng noted that it has been building a solid order backlog for the P5 family sedans.
"The robust delivery momentum bears witness to the competitiveness of XPeng's Smart EVs and steady execution in light of the ongoing challenges in various aspects of the global supply chain," XPeng said in a statement.
Year-to-date deliveries totaled 82,155 units, up 285% year-over-year—roughly 65% of the total deliveries for the period comprised XPeng's P7 sedan. Cumulatively, the company's deliveries reached 121,953 units.
Related Link: What This Analyst Likes About Q3 Deliveries Updates From XPeng and Nio
Why It's Important: XPeng's November performance is commendable as it has come despite the supply-side challenges. The company has been revamping its product portfolio. It recently unveiled its fourth production model – a smart SUV named G9. The company said it expects to begin deliveries of the G9 vehicles in the third quarter of 2022.
When it released its third-quarter results in late November, it guided to 34,500-36,500 units for fourth-quarter deliveries. Having delivered 25,751 units in the first two months of the quarter, the company must deliver 8,749-10,749 units in December to meet its quarterly guidance.
Price Action: In premarket trading, XPeng shares were advancing 4.40% to $ 57.42 on the last check Wednesday.
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