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XPeng (XPEV) Stock Falls As Deliveries Decline MoM

Updated: 1 Sep 2021

XPeng (NYSE: XPEV) shares are down premarket on Wednesday after the company reported its deliveries for August.

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The Chinese electric vehicle firm's deliveries came in at 7,214 for August, a 172% increase year-over-year.

Also Read: NIO Stock Declines as Deliveries Impacted By Chip Shortage

However, its number declined from the 8,040 vehicles delivered in July.

Deliveries in August consisted of 6,165 P7s, the company’s sports sedan, and 1,049 G3s, its SUV. As a result, 2021 year-to-date deliveries reached 45,992 vehicles, representing a 334% increase year-over-year.

P7 deliveries achieved a record month and rose 209% YoY.

XPeng blamed the MoM decline on the transition of production for the G3 SUV to G3i, to its wholly-owned Zhaoqing Smart EV Manufacturing Base. It expects to start deliveries of the G3i in September.

In addition, the company plans to officially launch the P5 family sedan in mid-September, with deliveries starting in October.

XPeng shares are down 2.09% premarket at $41.61.

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