What Next For Xpeng Stock As Deliveries Continue To Lag?

Chinese luxury electric vehicle maker Xpeng stock published its delivery numbers for July, indicating that it sold a total of 11,008 vehicles. This marks a 4% decline year-over-year, although it is a 28% increase over the prior month, marking the company’s sixth consecutive month of delivery growth. Xpeng continues to lag behind its rivals Nio and Li Auto. Nio delivered 20,462 EVs for the month, marking an increase of almost 104% year-over-year and roughly double the June figure of 10,707 vehicles. Li Auto delivered 34,134 vehicles for the month, up by 228% versus the last year.

While uptake for Xpeng’s vehicles was sluggish earlier this year, amid mounting competition from EV bellwether Tesla
TSLA
and Li Auto, as well as slower-than-expected Chinese economic growth following the Covid-19 reopening, Xpeng has benefited from the release of the G6 Ultra Smart Coupe – the company’s fifth model – in June. The company said that it sold about 3,900 units of the new vehicle in July, with traffic into its stores also rising. That said, Xpeng’s overall figures for the first seven months of the year remain down by 35% at 52,443 units.