Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.
Shares of XPeng (NYSE: XPEV) are rising premarket following the company's vehicle delivery report for June.
XPeng recorded its highest-ever monthly deliveries in June of 6,565, representing a 617% increase year-over-year and a 15% increase over last month's 5,686 deliveries.
The electric vehicle manufacturer also achieved a quarterly record of 17,398 deliveries in the second quarter of 2021, marking a 439% increase year-over-year.
The vehicles delivered in June consisted of 4,730 P7s and 1,835 G3s. Total year to date deliveries as of June 30 reached 30,738 units.
XPeng said the P7 continued its record-breaking growth, reflecting its “rising popularity among China’s tech-savvy consumers.” In addition, the company feels the P7's Navigation Guided Pilot (NGP) highway solutions attract broad customer appeal.
XPeng plans to launch the G3i SUV, the new version of G3, in July, with deliveries scheduled for September this year. They also plan to launch their third production model, the P5 smart sedan, in Q3, with deliveries expected in Q4.
“The P5 will be the world’s first mass-produced Smart EV equipped with auto-grade LiDAR technology,” stated XPeng.
The company's share price is trading at $45.79 premarket, up 3.08%. Following May's delivery results, Citi analyst Jeff Chung raised XPeng's price target to $50.30 from $50 and kept a Buy rating. At the time, Chung said he believes the terminal value upside on market capitalisation for XPeng is higher than NIO's.
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