Xpeng Electric Vehicle Deliveries Rise 266% In Q3

Xpeng Inc XPEV says it has achieved a record month and quarter in terms of deliveries — joining the ranks of other electric vehicle manufacturers benefiting from increased consumer interest.

What Happened: The China-based company said there was a 266% increase year-on-year in the third quarter as it delivered 8,578 EV units.

For September, there was a 145% increase year-on-year in deliveries as the company delivered 3,478 vehicles.

The P7 sedan accounted for 2,573 deliveries in the month, registering a third consecutive month where it saw a rise, the company said.

Cumulatively, 14,077 vehicles have been delivered this year, as of Q3.

P7 has the longest range among electric vehicles sold in China at 438 miles, according to CNBC.

Why It Matters: Chinese automakers have reported record deliveries in the third quarter, alongside Tesla Inc TSLA.

Tesla saw a quarter-over-quarter growth of 53.67% and delivered 139,300 vehicles in the period.

Nio Inc NIO deliveries rose 18.15% quarter-over-quarter to 12,206 units, while Li Auto’s grew 31.13% to 8,660 in a similar period.

Xpeng raised $1.5 billion in its IPO held in August. The company's Vice Chairman Brian Gu said late last month Tesla's plans for expansion in China don't scare Xpeng, including the anticipated launch of a $25,000 fully autonomous electric vehicle in the next three years.

Gu told Bloomberg his company’s mid-range EVs are already priced around the $25,000 mark, and if Tesla increases output at the Shanghai gigafactory, it only suggests a better demand for the overall EV sector in the country, and all companies set to benefit.

Price Action: Xpeng shares closed almost 2.6% lower at $18.19 on Friday.

Photo courtesy: Jengtingchen via Wikimedia