XPeng delivery nearly 17,400 vehicles in the second quarter.
Hector Retamal/AFP via Getty Images
Chinese electric-vehicle maker XPeng delivered a record number of cars in June. Investors are happy with the strong result. Shares are on the move again in Thursday premarket trading.
XPeng (ticker: XPEV) stock jumped 3.5% in premarket trading Thursday. S&P 500 and Dow Jones Industrial Average futures, for comparison, are both about flat. The premarket gain adds to the stock’s incredible run of late. Shares surged 38% in June and are up more than 5% for the week. Recent gains have pushed the stock back into positive territory for the year, up about 4%.
The company delivered 6,565 vehicles in June, up from 5,686 in May. For the second quarter, XPeng delivered almost 17,400 vehicles, up from the roughly 13,300 vehicles delivered in the first three months of 2021.
The record June figure likely is a relief for investors. Earlier in the year, XPeng had reported some disappointing monthly results as a global semiconductor shortage constrained production for all auto makers.
XPeng (ticker: XPEV) peer NIO (NIO) also reported record June delivery numbers Thursday. NIO delivered 8,083 cars in June and almost 22,000 vehicles in the second quarter. Both companies’ delivery results show that the impact of the semiconductor shortage is fading—and that demand for EVs in China remains strong. That’s good news for other EV stocks, too, including Li Auto (LI) and Tesla (TSLA).
“June deliveries consisted of 4,730 P7s, the company’s sports smart sedan, and 1,835 G3s, its smart compact SUV,” reads XPeng’s news release. Looking ahead, the company plans to start delivering the refreshed version of the G3, dubbed the G3i, in September.
XPeng will also start delivering its third model, the P5, in the 2021 fourth quarter. It’s an SUV that uses lidar technology, which is essentially, laser-based radar. This sensing technology helps enable more sophisticated autonomous driving features, such as adaptive cruise control and automatic emergency braking.
Write to Al Root at [email protected]
