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.
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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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