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

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: NewsRetail SalesTechChinaChina EV Stockselectric vehiclesEVs
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!