What happened
Shares of Chinese electric-vehicle (EV) maker XPeng (XPEV 0.14%) are up 15% as of 10:30 a.m. EST.
The company released its first earnings report as a public company today. For its fiscal third quarter, vehicle delivery volumes soared over the previous year as well as the second-quarter period.
So what
XPeng reported vehicle deliveries of 8,578, a jump of 266% over the year-ago period, and 166% over the second quarter. The company said deliveries of its P7 sedan, which only began shipping en masse in late June 2020, numbered 6,210, compared to just 325 in the second quarter of 2020.
Image source: Getty Images.
XPeng offers three versions of the P7, starting at a retail price of about $35,000, with its premium model selling for a little over $39,000. By comparison, pricing on XPeng's G3 compact SUV ranges from $22,000 to about $25,000.
Now what
The company said 98% of the P7s delivered in the quarter support its XPILOT advanced driver assistance systems. The latest 3.0 version includes autonomous driving for highways and hands-free "memory" parking.
Revenue for the quarter was $293.1 million, an increase of more than 342% over the previous-year period. It gave fourth-quarter revenue guidance that would represent a year-over-year increase of approximately 244%, with deliveries of about 10,000 vehicles.
XPeng also said that as of Sept. 30, 2020, it has 135 of its branded super charging stations across 50 cities, and its sales and service network covers 58 cities.
