Xpeng (NYSE:XPEV) stock is in the news Friday after the electric vehicle (EV) company reported decreased deliveries for February.
Xpeng reported the delivery of 4,545 Smart EVs in February 2024. That’s a 24% decrease in deliveries compared to the 6,010 EVs delivered during the same period of the year prior.
Xpeng attributes lower deliveries to certain restrictions prior to the Lunar New Year. That includes decreased production and bottlenecking of supplies. With these no longer being an issue, it expects to increase deliveries in March.
Xpeng isn’t the only EV company that is facing falling deliveries in February 2024. Nio (NYSE:NIO) and Li Auto (NASDAQ:LI), both rival EV companies in China, also experienced drops in deliveries ahead of the Lunar New Year.
What This Means for XPEV Stock
While lower deliveries aren’t good news, investors don’t seem overly worried about the numbers reported today. That has shares of XPEV stock rising 1.9% higher on Friday morning.
With that rally comes more than 6.4 million shares of XPEV stock changing hands. This is still below Xpeng’s daily average trading volume of about 12.1 million shares.
Investors who want to read up on even more of the most recent stock market stories for today are in the right place!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
