Xpeng is a very young and rising star in the Chinese electric vehicle industry, and perhaps also globally. Its core team is hardcore techies, including some tech billionaires, and the company culture and plan are built around a smart, tech-centered automobile ethos. [Full disclosure: I hold shares of Xpeng (NYSE:XPEV).]
I think there are only a few auto companies approaching their mission in this fundamentally tech-centered way, so I’m paying particular attention to Xpeng to see how it grows. The news this month is good. Xpeng’s September deliveries amounted to 3,478 units, which is a new record for the company, and 8,578 was the quarterly total.
The September total was a 31% increase compared to the prior month, August 2020, and a 145% compared to the same month previous year, September 2019. The quarterly total was a 266% year-over-year increase.
The company’s new(ish), affordable sedan (the P7) dominated the company’s sales in September, totaling 2,573. The slightly older (but still quite young) small crossover/SUV, the G3, landed 905 sales.
The 3rd quarter results were 6,210 P7s, 2,368 G3s, and 266% year-over-year growth.
“We are pleased to have achieved a record month of deliveries, which demonstrates our ability to execute our strategy, accelerate sales of our Smart EVs and expand our service and charging network,” said Mr. He Xiaopeng, Chairman and CEO of XPeng.
Production of 40,000–50,000 electric cars a year is still a pretty niche amount, about what Tesla was doing with just the Model S and Model X. However, Xpeng is quickly working to go beyond this capacity. It is developing a new smart EV factory and home base in Guangzhou, China. Completion is planned for December 2022.
I’ve already written at length about Xpeng. If you haven’t read those earlier articles, I recommend them:
- Who Is Xpeng?
- Xpeng Files For IPO On NYSE — Looking Through Xpeng’s History
- Xpeng Pros & Cons
- Xpeng G3 — $21,383 to $29,102 Hot Electric Crossover (in China)
- Xpeng P7 — $33,396 to $50,828 Sports Sedan (In China)