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.
XPeng (NYSE: XPEV) shares are down premarket on Wednesday after the company reported its deliveries for August.
The Chinese electric vehicle firm's deliveries came in at 7,214 for August, a 172% increase year-over-year.
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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