Photo courtesy: Jengtingchen via Wikimedia

Electric vehicle maker Xpeng Inc – ADR (XPEV) reported a strong year-over-year and month-over-month rise in deliveries for November, underlining the strong sales momentum experienced by the industry in general in the hot-and-happening Chinese market.

What Happened: Xpeng said deliveries rose 342% year-over-year to 4,224 vehicles in November, comprising 2,732 P7 sedans and 1,492 G3 SUVs. In October, the EV maker had delivered 3,040 vehicles.

Since starting mass delivery of P7s at the end of June, Xpeng has delivered 11,371 P7s, the company said.

In its third-quarter earnings release, the company had guided to deliveries of 10,000 vehicles in the fourth quarter. To meet the target, the company would need to deliver 2,736 units in December.

Why It's Important: Given Xpeng is competing against EV behemoth Tesla Inc (TSLA) and several homebred rivals, including Nio Inc – ADR (NIO), the November numbers should come as a confirmation of its strong competitive positioning.

The company is also making strides on the technology front, having launched its latest Xmart OS version, XPILOT system functions, and other user experience enhancement strategies in October.

Price Action: Xpeng stock was seen advancing 5.75% to $62.14 in premarket trading on Tuesday, although off its all-time high of $74.49 reached last week.