What happened
Chinese electric vehicle (EV) maker XPeng (XPEV 2.04%) reported monthly and quarterly vehicle delivery results this morning, and sales continue to soar. Investors acknowledged the solid report, sending shares up more than 5% as of 10:15 a.m. EDT.
So what
XPeng reported that June EV deliveries jumped more than 600% compared to the same month one year ago. It wasn't just a strong month, either. Vehicle sales for the full 2021 second quarter rose 439% year over year to a record 17,398. Fellow Chinese EV maker NIO (NIO 2.10%) similarly reported strong sales results today, with its quarterly deliveries more than doubling to 21,896 vehicles for the three months ended June 30.
Image source: Getty Images.
Now what
XPeng reported June sales of its P7 smart sedan were at the highest level since the product debut in mid 2020. That model made up more than 70% of June deliveries. XPeng attributed the popularity to new technology introduced with the sedan. Management said in a statement, "The P7's Navigation Guided Pilot (NGP) highway solutions are attracting wide customer appeal, reinforcing the company's commitment to technology innovation."
XPeng plans to build on that momentum by introducing an updated version of its G3 SUV in July 2021. The G3i will be available for consumers beginning in September, the company said. A third model, the P5 "family friendly smart sedan" will also be introduced in the third quarter for fourth-quarter deliveries.
Investors see the potential in the company's home market, and shares of XPeng, along with other Chinese EV makers, are rising early today.
