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Shares of Xpeng Inc (NYSE: XPEV) are up 15% on Thursday after the EV maker reported a big increase in deliveries for the month of April.

X9 success is helping Xpeng stock in 2024

The electric vehicles company delivered a total of 9,393 vehicles last month – up a whopping 33% versus last year. Its monthly deliveries came in up 4.0% sequentially as well.

In April, XPEV delivered 1,959 units of X9 – the ultra smart seven-seater it launched in January. The New York listed firm has now delivered close to 10,000 units of that vehicle to date.  

X9 is the “top-selling all-electric MPV in China”.

The news arrives only days after Xpeng said Mona – its sub-brand of lower priced electric vehicles will launch over the next two to three months.

How many vehicles has XPEV delivered year-to-date?

In total, Xpeng has delivered 31,214 vehicles since the start of 2024 – up some 23% versus the first four months of 2023.

In April, the “monthly active user penetration rate of XNGP in urban driving scenarios reached 82%”, as per the company’s press release on Thursday.

Note that XPEV ended its fourth quarter with a record revenue of about $1.84 billion that translates to a whopping 154% annualised growth. A 10% increase in vehicle margin also helped it significantly narrow its loss in Q4.  

Wall Street currently has a consensus “overweight” rating on Xpeng stock that’s down nearly 35% for the year at writing.

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