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U.S. Listed Chinese Electric Vehicle Startup Xpeng Reports Record January Deliveries, Up 470% from a Year Ago

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【Summary】China’s rising electric vehicle startup and Tesla challenger Xpeng has reported record deliveries to kick off the new year. It’s Xpeng’s third consecutive month of record-breaking delivery numbers. The company delivered 6,015 EVs last month, representing a 470% increase from Jan 2020.

Eric Walz    Feb 01, 2021 10:00 AM PT
U.S. Listed Chinese Electric Vehicle Startup Xpeng Reports Record January Deliveries, Up 470% from a Year Ago
The fully-electric Xpeng P7 Smart Sedan is a strong competitor to the Tesla Model S in China.

China's rising electric vehicle startup and Tesla challenger Xpeng has reported record deliveries to kick off the new year On Monday, the company reported its vehicle delivery totals for January, which broke another company record. It's Xpeng's third consecutive month of record-breaking delivery numbers.

Both the Xpeng P7 Smart Sedan and the G3 compact SUV deliveries maintained their strong momentum. In total, Xpeng delivered 6,015 EVs last month, representing a 470% increase from Jan 2020. January deliveries consisted of a record high of 3,710 of the company's flagship P7 Smart Sedan and 2,305 units of its compact G3 SUV. 

The G3 SUV was the company's first vehicle and launched in Dec 2018. Xpeng followed that up with the flagship P7 sedan, which went on sale in April 2020. Deliveries of the P7 to customers began in June of last year

Last month, Xpeng reported its Dec 2020 deliveries, which also represented a record breaking number for the company. Xpeng said it delivered 5,700 electric vehicles in December, including 3,691 P7 sedans. The automaker's December deliveries included 2,009 G3 SUVs.

The December deliveries represented a 326% increase year-over-year and a 35% increase from November, according to Xpeng. Cumulative P7 deliveries reached 18,772 as of January 31, 2021. G3 deliveries represented a 118% increase year-over-year.

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The G3 SUV was Xpeng's first electric vehicle launching in 2018.

The record-breaking delivery results reflect the strong market appeal of XPeng's electric vehicles. The company is tapping into China's mid-priced EV market, offering the same level of advanced technology as Tesla vehicles for less than half the price, making them more affordable for Chinese customers.

Xpeng's intelligent and connected electric vehicles appeal to the large group of technology-savvy middle-class consumers in China. This group of buyers represents over 30% of all car buyers in China, which is the world's biggest auto market, according to IHS Markit. This segment also includes consumers that are more likely to purchase a fully-electric vehicle.

Tesla's Long battery life Model S starts at 799,990 yuan ($123,682) in China, while the Xpeng P7 starts at just 229,000 yuan  ($35,404) after China's subsidies on the purchase of an zero emissions electric vehicle. The more expensive P7 all-wheel-drive High Performance version costs 349,900 yuan ($54,096).

Xpeng's battery-powered P7 sedan also achieved an NEDC Range of 439 Miles, the longest range of all EVs sold in China. The car features an all-wheel-drive setup with dual electric motors reaching 0-60 mph in 4 seconds.

Xpeng's rising sales are also a result of ramping up its delivery capabilities and launch of new smart features, such as autonomous highway driving and automated parking. The automated parking features are especially appealing to customers in China, as parking can be difficult in many of China's crowded cities.

The company has also focused on increasing its marketing efforts and expanding brand awareness across China. 

In September, Xpeng exported its first electric vehicles to Norway,  expanding its global presence. It's the first time the company is selling its electric G3 SUV outside of its home country. Norway has the world's highest EV adoption rate. Roughly 75% of all new vehicles sold in Norway are plug-in hybrids of fully-electric models.

Xpeng develops its full-stack autonomous driving technology and in-car intelligent operating system entirely in-house, along with its core vehicle powertrain and electronic architecture. Roughly half of the company's employees work in R&D to develop new technologies.

Xpeng announced the latest version of the P7's operating system named Xmart OS 2.5.0. It was released to customers on Jan 26 via an OTA update. The latest version of Xpeng's Xmart OS optimizing over 200 features and adding over 40 new functions, including its automated highway driving feature NGP (Navigation Guided Pilot)

Xpeng Motors launched its U.S. IPO in August 2020 to take advantage of strong investor interest in electric vehicles and related companies after U.S. automaker Tesla stock reached record highs this summer. 

Xpeng's shares are listed on the NYSE under the symbol "XPEV."

Xpeng was founded in 2014 and is headquartered in Guangzhou, China, with offices in Beijing, Shanghai, Silicon Valley and San Diego. The company's EVs are manufactured at two plants in Zhaoqing and Zhengzhou, located in Guangdong and Henan provinces.

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