Chinese smart electric vehicles (EV) maker XPeng, Inc.’s (XPEV) vehicle deliveries increased 172% year-over-year to 7,214 units in August. These deliveries comprised 1,049 G3s and 6,165 P7s.

Headquartered in Guangzhou, XPeng develops, designs, produces and sells Smart EVs. The company’s shares were down 2.2%, at the time of writing, in pre-market trade on Wednesday.

XPeng’s year-to-date deliveries jumped 334% year-over-year to 45,992 vehicles. P7 deliveries surged 209%, achieving a record month in August.

The company plans to launch the P5 family sedan on September 15 and start deliveries in October. XPeng’s shares closed 4.3% higher at $42.50 on Tuesday. (See XPeng stock chart on TipRanks)

Two months ago, Nomura analyst Martin Heung maintained a Buy rating on the stock with a price target of $50 (17.7% upside potential). The analyst expects the company to report a loss of $1 in the third quarter.

Overall, the stock has a Strong Buy consensus rating based on 7 unanimous Buys. The average XPeng price target of $56.17 implies 32.2% upside potential. The company’s shares have gained 96.7% over the past year.

According to TipRanks’ Smart Score rating system, XPeng scores a 9 out of 10, suggesting that the stock is likely to outperform market averages.

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The post XPeng’s Vehicle Deliveries Surge 172% in August; Shares Fall 2.2% appeared first on TipRanks Financial Blog.

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By: Richika Biyani
Title: XPeng’s Vehicle Deliveries Surge 172% in August; Shares Fall 2.2%
Sourced From: blog.tipranks.com/xpengs-vehicle-deliveries-surge-172-in-august-shares-fall-2-2/
Published Date: Wed, 01 Sep 2021 12:16:43 +0000

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