China's XPeng Reports its Highest Ever Monthly Electric Vehicle Deliveries in September
【Summary】As one of the world’s newest electric vehicle startups, China’s Xpeng Inc continues to report growing sales numbers as it looks to take on Tesla and others in the growing EV segment. XPeng reported its highest ever monthly deliveries in September, resulting in a 48% jump in sales for Q3 compared to Q2.
As one of the world's newest electric vehicle startups, China's Xpeng Inc continues to report growing sales numbers as it looks to take on Tesla and others in the growing EV segment.
XPeng recorded its highest ever monthly deliveries in September of 10,412 electric vehicles, representing a 199% increase year-over-year, and a 44% increase from August.
Deliveries last month consisted of 7,512 P7 sedans, the company's flagship model, 2,656 G3 and G3i smart SUVs and 244 P5 family sedans. The new P5 was launched on Sept 15, so its only been on sale for a short time.
P7 sedan deliveries in September were the highest monthly total since its launch in 2020. YTD P7 deliveries reached 39,227 vehicles in 2021.
Xpeng revealed its refreshed G3i in July. The compact electric SUV was its first model. It now 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 launching in Dec 2018. XPeng said it added 55 new functions as of March 2021.
In Sept 2020, Xpeng exported the first batch of G3 SUVs to Norway hoping to capture some of the growing European EV market. Norway has one of the world's highest EV adoption rates, making its an attractive market for EV startups like Xpeng, as well as for Tesla. Plug-in hybrid and fully-electric vehicles make up 85% of all new car sales in Norway.
It's the first time Xpeng's vehicles are being sold outside of China.
Xpeng's Q3 sales were equally impressive. The company reported record third quarter deliveries of 25,666 vehicles, representing a 48% increase quarter-over-quarter and 199% increase year-over-year.
As of Sept 30, XPeng's year-to-date total vehicle deliveries reached 56,404 EVs, representing a 301% increase year-over-year.
Xpeng's newest model the P5 is a more family friendly model compared to its flagship P7, which competes more with electric vehicles like the Tesla Model S in China. The P5 is also the world's first production vehicle equipped with automotive-grade lidar technology to support autonomous driving.
The more affordable P5 comes in six different configurations. It offers the same level of advancement as Tesla for around half the price of a comparably equipped Tesla Model 3 in China.
Retail prices range from RMB 157,900 to RMB 223,900 (US$24,484 to $34,717). Tesla's Model 3 starts at $36,592 in China.
Xpeng's more affordable electric vehicles give the company a big advantage over Tesla in the world's biggest auto market. The automaker's record deliveries last month and consistently growing overall sales reflect that advantage.
In August, Xpeng announced it has signed an agreement with the Zhaoqing Municipal Government and the Zhaoqing High Technology Industry Development Zone to build the Phase Two expansion project of the XPeng Zhaoqing Smart EV Manufacturing Base ("Zhaoqing Base") located in Guangdong Province.
The new plant will double Xpeng's annual vehicle production capacity from 100,000 to 200,000 electric vehicles. The expansion will position XPeng well in capturing the anticipated increasing consumer demand for its smart EVs.
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