The Xpeng P7 electric vehicle is displayed outside the New York Stock Exchange
Jeenah Moon/Bloomberg
Chinese electric vehicle maker XPeng reported a new monthly record for deliveries. It’s another sign EV demand in China remains hot.
XPeng (ticker: XPEV) delivered 8,040 vehicles in July, up 228% year over year and up from the 6.565 vehicles delivered in June. So far in 2021, XPeng has delivered almost 39,000 vehicles.
Earlier Sunday, XPeng peer Li Auto (LI) reported its own new monthly record with 8,589 vehicle deliveries in July. Both results point to strong demand for EVs in China, and demonstrate that the worst of the global semiconductor shortage that constrained automotive production in 2021 is fading.
XPeng, for instance, delivered just 2,223 vehicles in February, and just 5,696 in May. June deliveries were a record—until July—and achieving 8,000-plus deliveries in a month is another strong data point for XPeng as well as the Chinese EV industry.
It’s a good number, but calling the stock reaction Monday is hard, even with XPEng stock up 1.1% in late Sunday trading. XPeng stock opened higher on July 1 after reporting June numbers, but still closed down 1.6% on the day.
XPeng stock is down about 5% year to date, trailing the S&P 500 ‘s 17% rise and the Dow Jones Industrial Average ‘s14% advance.
Shares have been on a wild ride lately. XPeng stock is up about 36% over the past three months as investor sentiment has improved along with vehicle deliveries. Li stock, for instance, is up 69% over the past three months.
NIO (NIO) has lagged its peers over the past three months with just a 12% gain. NIO will report deliveries over the coming days. It is the largest of the three companies by deliveries and by market capitalization. It set a monthly record in June with 8,083 deliveries.
Tesla (TSLA) is also a large player in the Chinese EV market, but it doesn’t report monthly sales by country, leaving analysts and investors waiting for industry data on production and car registrations.
But strong Chinese deliveries from its peers usually bode well for Tesla too.
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