Strong momentum was visible in China-based EV maker XPeng Inc.’s (XPEV) monthly deliveries of smart EVs for the month of October.
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On October 31, the company told investors that its total deliveries for the month stood at 10,138 vehicles. This represents a year-over-year increase of 233% and the second consecutive month of over 10,000 deliveries, even though there is a semiconductor shortage globally.
Markedly, the total number of vehicles delivered included 6,044 P7s (the company’s sports smart sedan) and 3,657 G3 and G3i smart SUVs (smart compact SUVs).
Additionally, the P5 smart family sedans, which were launched in September 2021, reflected strong acceptance by customers with 437 units delivered in October and a solid order backlog.
Overall, total deliveries stood at 66,542 year-to-date and represented a 289% year-over-year jump. (See Insiders’ Hot Stocks on TipRanks)
On October 28, Bernstein analyst Eunice Lee initiated coverage of XPeng with a Buy rating and a price target of $56 (20.09% upside potential).
Shares of XPeng have exploded 125% over the past year. The stock has a Strong Buy consensus rating based on 5 unanimous Buys. The average XPeng price target of $58.40 implies 19% upside potential.
TipRanks data shows that financial blogger opinions are 90% Bullish on XPEV, compared to a sector average of 70%.
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