Tesla Challenger XPeng's August Electric Vehicle Deliveries Jump 172% Year-on-Year
【Summary】Chinese electric vehicle startup Xpeng continues to post big sales numbers in China, which is the world’s biggest auto market. The EV startup delivered 7,214 vehicles in August 2021, representing an increase of 172% from a year ago. Xpeng’s growing sales in China have resulted in increased competition for Tesla.
Chinese electric vehicle startup Xpeng continues to post record sales in China, which is the world's biggest auto market.
The EV startup delivered 7,214 vehicles in August 2021, representing an increase of 172% from a year ago, the automaker announced on Wednesday. Xpeng's monthly deliveries included 6,165 P7 smart sedans, a new monthly record. The remaining 1,049 vehicles were G3 SUVs, which was the first model launched by the company in Dec 2018.
Xpeng's growing sales in China have resulted in increased competition for Tesla.
As of Aug 31, XPeng's year-to-date deliveries surged 334% year on year to 45,992 vehicles. Last week, Xpeng said its Q3 deliveries are likely to reach 21,500 to 22,500 vehicles. To reach that goal, Xpeng's September sales are expected to range from 6,246 to 7,246 vehicles.
XPeng reported its highest ever monthly deliveries of 8,040 electric vehicles in July. It represented a 228% increase year-over-year, and a 22% increase compared to June. It was Xpeng's second consecutive month of record-setting deliveries.
XPeng's G3 SUV has also received a mid-cycle refresh making it more attractive to customers in China. The new model is named the G3i. The company said the refreshed G3i affected some planned deliveries of the outgoing model, as customers hold out for the newest version.
The refreshed G3i offers new features such as autonomous driving capability and self-parking. In total, XPeng said the latest G3 has received 15 major firmware OTA upgrades since it launched in 2018. XPeng added 55 new functions as of March 31, 2021.
XPeng plans to officially launch its third model, the P5, on Sept 15. The company opened orders for the P5 in April at the Auto Shanghai car show. Xpeng said the P5 is being positioned as a family-friendly model under its flagship P7 sedan.
The P5 will be the world's first mass-produced Smart EV equipped with lidar to support autonomous driving.
In order to meet the growing market demand for its vehicles, Xpeng's added a second shift at its Zhaoqing manufacturing base. The plant is also being expanded to double the annual output from 100,000 vehicles to 200,000.
Xpeng's second factory in Guangzhou will start production from the third quarter of 2022. The factory is currently under construction.
Xpeng's growing sales in China is making it harder for Tesla, as the California automaker faced little competition in the premium EV segment when its started selling it's China-made vehicles in the country. Tesla's local sales in China plunged 69% in June as car buyers now have more fully electric vehicles to choose from.
The Xpeng P7.
Xpeng is targeting younger and more tech-savvy buyers as a more affordable alternative to Tesla's more expensive electric vehicles. This group of buyers represents over 30% of car buyers in China, According to IHS Markit.
The G3i, for example, starts at RMB149,800 (US$23,121) post subsidies. A fully equipped model with all the options costs RMB 185,800 (US$28,678).
This is much less than the Tesla Model Y costs in China. The least expensive rear-wheel drive Model Y costs RMB 276,000 (US$42,600), while the Long battery life, all-wheel-drive version costs RMB 347,900 (US$53,697) post subsidies.
XPeng's P7 is also a strong competitor to Tesla's flagship Model S in China, costing around half the price.
The G3i also offers autonomous parking, a popular feature for drivers in China. The autonomous parking feature combines ultrasonics sensors with a panoramic camera-based vision system. The ultrasonic sensors can identify an empty parking space as well as parallel and vertical parking spaces, which can be either marked or unmarked. XPeng says its parking technology covers roughly 70% of parking scenarios in China.
Both the P7 and G3i are now being shipped to Norway, the country with the world's highest EV adoption rate. It marks the first time XPeng exported its vehicles to overseas markets.
Xpeng is a publicly traded company in the U.S. The company launched its IPO in Aug 2020. The automaker's shares trade on the New York Stock Exchange under the symbol XPEV.
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