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Tesla Challenger XPeng Reports Record July Deliveries, its 2nd Consecutive Month of Record-Setting Growth

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【Summary】China's electric vehicle startup and Tesla challenger XPeng Inc. continues to post record sales. The company reported its highest ever monthly deliveries of 8,040 electric vehicles in July. It represents a 228% increase year-over-year, and a 22% increase compared to June. It was XPeng’s second consecutive month of record electric vehicle deliveries.

Eric Walz    Aug 02, 2021 2:30 PM PT
Tesla Challenger XPeng Reports Record July Deliveries, its 2nd Consecutive Month of Record-Setting Growth

China's smart electric vehicle startup and Tesla challenger XPeng Inc. continues to post record sales. The company reported its highest ever monthly deliveries of 8,040 electric vehicles in July. It represents a 228% increase year-over-year, and a 22% increase compared to June.

It was Xpeng's second consecutive month of record-setting deliveries.

The rising sales are positioning XPeng as one of China leading EV startups as it looks to compete with Tesla, NIO Inc and others in China's growing New Energy Vehicle (NEV) market, which includes fully-electric and hybrid vehicles.

The record-setting sales numbers for July tops the previous record high set in June when XPeng achieved its highest-ever monthly deliveries ever with 6,565 new vehicles delivered. 

XPeng currently offers two electric models, the G3 SUV and the P7 Smart Sedan. The July deliveries included 6,054 P7s sedans and 1,986 G3s. 

XPeng's total deliveries for Q2 2021 was 17,398 electric vehicles, representing a 439% increase year-over-year. As of July 31, 2021, XPeng's year-to-date total deliveries reached 38,778 units, representing a 388% increase year-over-year.

The XPeng P7 sedan is a popular choice for tech-savvy EV buyers in China. It offers the same level of advanced technology as Tesla's vehicles, including autonomous driving capabilities, for about half the price.

XPeng said that its self-driving feature called "Navigation Guided Pilot" (NGP) has increased the P7's appeal to a wider customer base, which is helping Xpeng to lure customers away from segment leader Tesla. The state-of-the-art self-driving system was developed entirely in-house by Xpeng and represents the company's commitment to innovation. Roughly half of Xpeng's employees work in R&D of new technologies.

NGP is similar to Tesla's Autopilot feature. It offers hands-free driving on highways.

Last month, the P7 was the first vehicle to receive a 5-star rating from the i-VISTA (Intelligent Vehicle Integrated Systems Test Area) intelligent vehicle testing platform in China. The P7 was among the first batch of vehicles tested by i-VISTA under its Intelligent Vehicle Index evaluation system.

The P7 achieved four "Excellent" ratings from i-VISTA in smart driving, smart safety, smart interaction, and smart energy efficiency. The P7 was also recognized with "Excellent" ratings for its lane change assist and automatic emergency braking (AEB) technology, lane departure warning (LDW) system, as well for the smooth performance of its touchscreen display and voice interaction technology.

XPeng said its P7 received a total score of 89.4% and the highest active safety score of 98.51% among all electric vehicles in China, according to the latest China New Car Assessment Program (C-NCAP).

XPeng's P7 also offers an NEDC Range of 439 Miles, the longest of all EVs sold in China. The car features an all-wheel-drive setup with dual electric motors.

Last month, XPeng unveiled a refreshed version of the G3 SUV called the G3i. Among the new features added were autonomous driving capability and self-parking. In total, XPeng said the G3 received 15 major firmware OTA upgrades since it first launched in Dec. 2018. As of March 31, XPeng added 55 new functions to the G3.

Like Tesla's vehicles, XPeng offers over-the-air software updates for the G3 and P7.

The refreshed G3i is also targeted at younger and more tech-savvy buyers as a more affordable alternative to Tesla's Model Y. This group of buyers represents over 30% of new car buyers in China, According to IHS Markit. XPeng's market potential for the G3i is significant, as China is the world's biggest auto market. 

Deliveries of the refreshed G3i are expected to begin in September.

The G3i starts at just RMB149,800 (US$23,121) post subsidies. A fully equipped model with all the options costs RMB 185,800 (US$28,678) post subsidies. This is much less than what the Tesla Model Y costs in China. The least expensive rear-wheel drive Model Y costs RMB 276,000 (US$42,710), while the Long battery life, all-wheel-drive version costs RMB 347,900 (US$53,697) post subsidies. 

The G3 also ranks top among compact EVs In J.D. Power 2021 Study. 

Last month, XPeng announced the post subsidy price range of RMB160,000 ($24,760) – RMB230,000 ($35,592) for its third production model, the P5 smart sedan. XPeng said the P5 is being positioned as a more family-friendly and affordable model under its flagship P7 sedan. 

XPeng unveiled the new P5 in April at Auto Shanghai 2021 and it will launch in the third quarter of this year. It will compete with vehicles such as the Tesla Model 3 and Model Y in China. Deliveries of the P5 are expected to begin by the end of the year.

The P5 will be the world's first production vehicle equipped with automotive-grade LiDAR technology for autonomous driving.

"The debut of the P5, the world's first mass-produced LiDAR-equipped Smart EV, underlines our mission to shape the mobility experience of the future," said He Xiaopeng, Chairman and CEO of XPeng in April when the P5 was unveiled.

Xpeng is also expanding its manufacturing footprint as demand for its vehicles increases. On July 31, XPeng began construction of its new Wuhan Smart EV Manufacturing Base, which will be its third factory in China. Its located in the Economic & Development Zone of Wuhan.

The new factory features stamping, welding, painting, final assembly and powertrain plants, as well as R&D facilities. Upon completion, it will provide Xpeng with additional annual capacity of 100,000 electric vehicles.

"We have a long-term strategic roadmap to embrace the sector's transformation. Expanding our capacity in key hubs like Wuhan plays a critical role," said Mr. He. "Wuhan's strategic location as an auto manufacturing and distribution hub will further enhance our supply chain management, sales and distribution network in the future."

XPeng was founded in 2014 and launched its U.S. IPO on Aug 27, 2020, becoming the second EV startup after rival NIO Inc launched its U.S. IPO in Sept 2018. Xpeng shares are listed on the New York Stock Exchange under the symbol "XPEV." 

The stock is up around 7% to $43.39 on Monday afternoon after Xpeng's record delivery numbers were announced.


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