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Xpeng News: Why Tesla EV Rival XPEV Stock Is Revving Up 10% Today

Xpeng (NYSE:XPEV) is in the news Mondy after announcing recent delivery data for its electric vehicles (EV).

Image of Xpeng's (XPEV) G3 electric SUV outside a mall in China

Source: Johnnie Rik /

An Xpeng news release reveals the company’s delivery performance for September, as well as the last three months. That news has investors in the Chinese Tesla (NASDAQ:TSLA) rival celebrating as it experiences strong growth.

Starting off with September, Xpeng notes in its news release that it delivered a total of 3,478 Smart EV for the month. That’s a 31% increase compared to deliveries in August. Those deliveries include 2,573 of its P7 smart sedans and 905 of its G3 smart sedans.

When it comes to the third quarter of the year, Xpeng points out that deliveries of its smart EVs were up 266% year-over-year to 8,578. That includes 6,210 P7s and 2,368 G3s.

He Xiaopeng, chairman and CEO of Xpeng, said the following about the news boosting XPEV stock today.

“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.”

Xpeng points out that it started mass delivery of its P7 EV in June. Since then, the company has delivered a total of 6,535 of the vehicle. It also mentioned that it has started work on its Smart EV manufacturing base in Guangzhou. The company expects this location to increase the production of its EVs once it reaches completion in 2022.

XPEV stock was up 10.2% when markets closed on Monday.

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.

Article printed from InvestorPlace Media,

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