XPeng Stock Rises Despite February Deliveries Dipping From Last Year

Chinese electric vehicle startup XPeng Inc. XPEV reported on Wednesday a modest year-over-year decline in deliveries for February, extending a lean patch seen since mid-2022.

What Happened: The Guangzhou, China-headquartered company reported February deliveries of 6,010 vehicles, representing a 15% sequential increase but a 3.9% decline from the 6,522 vehicles it sold in the year-ago period.

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XPeng's deliveries have been on the wane since the middle of last year after peaking at 15,414 in March and seeing another spurt in June.

The company said it is continuing to focus on its international expansion and opened its second retail store in both Denmark and the Netherlands in February. The first European service center also started operation in Lørenskog, Norway, it added.

Rival Li Auto Inc. LI reported February deliveries that nearly doubled from a year ago and increased 35.5% from January.

Price Action: In premarket trading on Wednesday, XPeng shares rallied 6.28%, to $9.48, according to Benzinga Pro data.