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XPeng (XPEV) Stock Climbs As Deliveries Rise

Updated: 1 Jun 2021

XPeng's (NYSE: XPEV) share price is gaining premarket after the company reported another gain in its deliveries. 

The Chinese electric vehicle manufacturer delivered 5,686 Smart EVs in May, representing a 483% increase year-over-year and a 10% increase over last month's 5,147 deliveries. 

NIO Stock Rises Premarket Despite Fall In Deliveries

The deliveries consisted of 3,797 P7s, the company’s sports sedan, and 1,889 G3s, its compact SUV. As of May 31, year-to-date total deliveries reached 24,173 units, representing a 427% increase year-over-year.

The number of P7s delivered reached a record high for the company in May, which XPeng said demonstrates “the strong customer appeal of XPeng’s market-leading smart features,” including the XPILOT 3.0 and its Navigation Guided Pilot (NGP) highway solutions.

Last week Nomura analyst, Martin Heung, initiated XPeng with a Buy rating, setting a $47 price target. 

Its share price premarket is at $33.80, up 5.2%.

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