February 1, 2023

(XPEV) – XPeng Kicks Off 2022 By Announcing Record December Deliveries Amid Sales Surge of P5 Sedan

Chinese EV maker XPeng, Inc. (NYSE: XPEV) on Saturdayr reported record deliveries for December and a fourth quarter that exceeded the company’s guidance. The strong performance is attributable to a spike in sales of the company’s more affordable P5 family sedan, which was made commercially available in mid-September.

What Happened: Guangzhou, China-based XPeng said it delivered 16,000 smart EVs in December, representing a 181% year-over-year jump and a 2.5% month-over-month increase. The December number exceeded the company’s delivery benchmark of 15,000 units for the second consecutive month, the company said in a statement.

XPeng delivered 7,459 P7 sedans, 5,030 P5 sedans and 3,511 G3 and G3i smart SUVs. Deliveries of the company’s newest vehicle model – the P5 sedan – increased 134% month-over-month, with the order backlog remaining solid, the company said.

Fourth-quarter deliveries totaled 41,751 units, with about 51% of that number being P7 sedans. Quarterly deliveries increased 222% year-over-year, and exceeded the company’s guidance of 34,500-36,500 units.

XPeng’s annual deliveries jumped 263% year-over-year to 98,155 units. Cumulative deliveries as of Dec. 31, 2021 stood at 137,953 units.

Related Link: EV Year In Review: 5 Winners And 5 Losers From The EV Space In 2021

Why It’s Important: Xpeng’s strong numbers come against the backdrop of supply chain disruptions that impacted production for the EV industry as a whole, including its domestic rivals.

The strong December performance demonstrated solid business momentum and execution capability, XPeng said.

The company also noted that it continued to rapidly expand its network in China, with 661 branded supercharging stations across 228 cities and 311 physical retail stores in 121 cities as of the end of November 2021.

XPeng closed Friday’s session up 2.92% at $50.33.

Related Link: Another First For XPeng: EV Maker Beats Rival Nio By Shipping Its P7 Sedan To Norway, Aiming For Q4 Delivery

Photo: Courtesy of en.xiaopeng.com

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Source link