Xpeng News: Why XPEV Stock Is Driving 6% Higher Today


Xpeng (NYSE:XPEV) news for Friday concerning electric vehicle (EV) deliveries for October have XPEV stock on the rise.

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

Source: Johnnie Rik / Shutterstock.com

According to an Xpeng news release, the company saw vehicle deliveries for the month come in at 3,040. That’s a 229% increase compared to its vehicle sales from the same time last year.

Xpeng breaks down the deliveries news further with details of what vehicles it sold. The 3,040 deliveries include 2,104 P7s and 936 G3s. The P7 is the company’s smart sedan and the G3 is its smart SUV offering.

Xpeng also points out that its vehicle deliveries since the start of the year have also been on the rise. Year-to-date, XPEV has delivered a total of 17,117 EVs. That’s a 64% increase from the same period of the year prior.

Finally, the Xpeng news release notes that the company hit its 10,000 P7 milestone on Oct. 20, 2020. That’s just a few months after the EV went into mass production in May.

Xpeng is far from the only EV company making news today. Nio (NYSE:NIO) also released its vehicle delivery data for October today. The EV company notes that deliveries came in at 5,055 vehicles, which is a 100.1% jump from October 2019.

It’s also worth noting that Li Auto (NASDAQ:LI) is also on the rise today. This also comes from October delivery data. The company says it delivered 3,692 of its Li ONE SUVs during the month.

XPEV stock was up 6.1% as of Monday morning.

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, https://investorplace.com/2020/11/xpeng-news-jumps-xpev-stock/.

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