Xpeng Reports 112% Rise In 2020 Deliveries: What Investors Need To Know

Xpeng Reports 112% Rise In 2020 Deliveries: What Investors Need To Know

Photo by Jengtingchen via Wikimedia

Xpeng Inc (XPEV) electric vehicle deliveries rose 112% on a year-over-year basis in 2020, the company said Sunday.

What Happened: The Guangzhou, China-based EV firm said total deliveries for the year ended Dec 31, 2020, reached 27,041 units.

The automaker’s mid-sized P7 sedan reached cumulative deliveries of 15,062 units after mass deliveries commenced in June. The company delivered 11,979 of its compact electric G3 sports utility vehicles.

For the fourth quarter, Xpeng recorded 12,964 EV deliveries, which is a 303% increase year-over-year and a 51% increase compared to the previous quarter.

Monthly deliveries stood at 5,700 units, which is a 326% increase on a year-over-year basis and a 35% increase over November.

Why It Matters: Xpeng is attributing increased deliveries to “increasing brand awareness, expanded sales, marketing and supercharging service initiatives across China.”

Xpeng said last week that it had partnered with Shenzhen-based Livox to deploy the latter’s lidar technology in the automaker's new 2021 production model.

Meanwhile, rival Chinese EV firm Nio Inc (NIO) said over the weekend it delivered 43,728 vehicles in 2020, representing a 112.6% increase on a year-over-year basis.

Segment leader Tesla inc’s (TSLA) 2020 deliveries fell just shy of the 500,000 mark, beating the Wall Street estimates of 481,261 vehicles.

Price Action: Xpeng shares closed nearly 1.3% higher at $42.83 on Thursday and gained almost 1% in the after-hours session.

© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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