China-based EV maker XPeng Inc. (XPEV) announced that it has recorded its highest-ever monthly deliveries of smart EVs in July 2021.
Yesterday, the company told investors it had delivered 8,040 vehicles in July. This represented a year-over-year increase of 228% and sequential growth of 22%. Markedly, the total number included 6,054 deliveries of P7s, the company’s sports smart sedan, and deliveries of 1,986 G3s, its smart compact SUV.
Ahead of this announcement, shares of XPeng rose nearly 1.1% in Friday’s extended trading session after closing 6.4% higher on the day.
Altogether, as of July 31, 2021, total deliveries stand at 38,778 in 2021. This represents a 388% year-over-year jump. (See XPeng stock charts on TipRanks)
Notably, XPeng expanded its product portfolio in July, with the launch of the G3i and the G3 SUV’s mid-phase facelift version. The company expects deliveries of these new models in September 2021.
Recently, Deutsche Bank analyst Edison Yu maintained a Buy rating and a price target of $50 (23.4% upside potential) on the stock.
Yu expects XPeng to report a loss of $1.00 per share for the third quarter of this year.
On July 13, another analyst, Citigroup’s Jeff Chung, maintained a Buy rating but lowered the stock’s price target to $53.40 (31.8% upside potential) from $56.50.
XPeng shares have exploded 91% over the past year, while the stock still scores a Strong Buy consensus rating, based on 6 unanimous Buys. That’s alongside an average XPeng price target of $51.20, which implies 26.3% upside potential to current levels.
Additionally, XPeng scores an 8 of 10 from TipRanks’ Smart Score rating system, indicating that the stock has strong potential to outperform market expectations.
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