XPeng Underperforms EV Peers Nio, Li Auto With 63% YoY Drop In November Deliveries

XPeng Underperforms EV Peers Nio, Li Auto With 63% YoY Drop In November Deliveries

XPeng, Inc. XPEV reported a steep decline in deliveries for November compared to a year ago, blaming the predicament on COVID-19 challenges. The company expects to turn things around in December.

Guangzhou-based XPeng's November deliveries plunged 63% year-over-year to 5,811. On a month-over-month basis, sales improved by a modest 14%.

Vehicle-wise, the company said it delivered 1,546 units of its G9 flagship G9 SUVs.

The company said it faced challenges brought on by COVID-19-related restrictions and disruptions, which affected G9 production ramp-up and deliveries to certain regions.

“Deliveries will significantly increase in December 2022 as G9’s production ramp-up accelerates under normalized operating conditions,” the company added.

See Also: Best Electric Vehicle (EV) Stocks Right Now

Price Action: Xpeng stock traded 7.6% lower at $9.98 in the premarket session on Thursday, according to Benzinga Pro data.

Read Next: Nio Weathers COVID-19 To Post Record November Deliveries — Expects Next Month To Be Even Better

Photo: Courtesy of Xpeng

Posted In: ChinaChina EV Stockselectric vehiclesEVsNewsRetail SalesTech