Shares of XPeng (NYSE: XPEV) soared 12% in early trading Monday after posting a “record” month of deliveries.
The Chinese electric vehicle firm said in a statement today that it delivered 3,478 cars in September. In total, XPeng delivered 8,578 vehicles in the third quarter, up 266% year-over-year. The breakdown of vehicle deliveries includes 6,210 of XPeng’s P7 and 2,368 of the company’s G3.
Also today, the Guangzhou-based company said its new manufacturing based “will significantly” bolster its production capabilities in the future. In late September, it struck a partnership with Guangzhou GET Investment Holdings Co., Ltd. to set up a “Smart EV” manufacturing base in Guangzhou, which is projected to be completed by December 2022.
“We are pleased to have achieved a record month of deliveries, which demonstrates our ability to execute our strategy, accelerate sales of our Smart EVs and expand our service and charging network,” He Xiaopeng, the chairman and chief executive officer of XPeng, said in a statement today.
The news by XPeng today follows the delivery announcements of its EV rivals on Friday.
The American EV giant Tesla (Nasdaq: TSLA) posted a record of 139,300 vehicle deliveries for the third quarter.
Meanwhile, XPeng’s Chinese rivals Li Auto (Nasdaq: LI) and Nio Inc. (NYSE: NIO) delivered 8,660 and 12,206 vehicles respectively in the third quarter.
While XPeng’s stock has struggled in the past few weeks before today—this year has been for the most part a hot one for EV players. Shares of XPeng are up nearly 36% from its IPO issuance price of $15 per American depositary share. In August, XPeng raised roughly $1.5 billion in its IPO through the sale of 100 million shares.
Late last month, Paul Gong, an analyst at UBS initiated coverage on XPeng; he put a “Buy” rating with a $25 price target on the stock.