Tesla Rival XPeng's August Deliveries Zooms 43% On Strong G6 Acceleration

Chinese smart electric vehicle firm XPeng Inc XPEV shares are trading higher after it posted strong delivery for August.

The company reported monthly deliveries of 13,690 Smart EVs in August, up 24% over the prior month and 43% Y/Y. 

The company's XPENG G6 monthly deliveries stood at 7,068 units, leading to cumulative G6 deliveries to over 11,000 units, which surpassed 10,000 mark in only 45 days since the start of the delivery. 

The company witnessed G6 production ramp-up led by efficiency improvement in the supply chain, manufacturing and delivery capabilities.

Last month, the company successfully completed test drives in Beijing using its non-HD map-reliant XNGP ADAS prototype on the G6 Max version. 

The company plans to speed up the development of XNGP's non-HD map reliance and leverage advanced intelligent driving features for more cities and roads in H2 2023, driving the adoption of high-level intelligent driving.

Related: Tesla China Rival XPeng Taps Ride Hailing Firm DiDi to Boost Smart EV Adoption

XPEV plans to showcase the XPENG G9 and New P7 models and provide test drives at Munich's Internationale Automobil-Ausstellung (IAA) this month.

Price Action: XPEV shares are trading up by 3.09% at $18.34 premarket on the last check Friday.

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