Xpeng delivers more than 10,000 cars in October, Hong Kong shares rise

Xpeng Motors launches the P5 sedan at an occasion in Guangzhou, China on April 14, 2021. The P5 is Xpeng’s third manufacturing mannequin and options so-called Lidar expertise.

Arjun Kharpal | CNBC

GUANGZHOU, China — Xpeng stated it delivered greater than 10,000 vehicles in October, sending its Hong Kong shares greater on Monday.

The electrical car maker delivered 10,138 vehicles final month, down from 10,412 in September. Nonetheless, that represented a 233% year-on-year enhance and the second-straight month the place Xpeng delivered greater than 10,000 vehicles.

Xpeng’s Hong Kong-listed shares have been about 3% greater in afternoon commerce.

Automakers internationally have been battling a scarcity in semiconductors that has constrained some firms’ skills to ship vehicles. Xpeng seems to be weathering that properly. The corporate has previously said that the chip scarcity affect is “restricted.”

October deliveries included 6,044 models of Xpeng’s P7 flagship sedan, representing a 187% year-on-year enhance. Xpeng stated it delivered 3,657 models of its G3 and G3i sports activities utility car, reaching a month-to-month file because the car’s launch in December 2018.

Xpeng additionally stated it delivered 437 models of its P5 sedan, which formally launched in September.

Learn extra about electrical autos from CNBC Professional

The corporate stated its cumulative deliveries have exceeded 100,000 as of the tip of October. This 12 months alone, the corporate has delivered 66,542 autos, a 289% year-on-year rise.

Xpeng faces rising competitors in China’s electrical car market from different start-ups like Nio and Li Auto in addition to incumbents like Warren Buffett-backed BYD and Elon Musk’s Tesla. However there have additionally been some new challengers hoping to crack the electrical automotive market. Xiaomi, which is most well-known for smartphones, stated it plans to mass produce electric cars in the first half of 2024.

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