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World NewsXpeng delivers more than 10,000 cars in October, Hong Kong shares rise

Xpeng delivers more than 10,000 cars in October, Hong Kong shares rise

Xpeng Motors launches the P5 sedan at an occasion in Guangzhou, China on April 14, 2021. The P5 is Xpeng’s third manufacturing mannequin and options so-called Lidar expertise.

Arjun Kharpal | CNBC

GUANGZHOU, China — Xpeng Inc. mentioned it delivered more than 10,000 cars in October, sending its Hong Kong shares greater on Monday.

The electrical car maker delivered 10,138 cars final month, down from 10,412 in September. Still, that represented a 233% year-on-year improve and the second-straight month the place Xpeng delivered more than 10,000 cars.

Xpeng’s Hong Kong-listed shares had been about 3% greater in afternoon commerce.

Automakers internationally have been battling a scarcity in semiconductors that has constrained some corporations’ skills to ship cars. Xpeng seems to be weathering that nicely. The firm has beforehand mentioned that the chip scarcity affect is “limited.”

October deliveries included 6,044 models of Xpeng’s P7 flagship sedan, representing a 187% year-on-year improve. Xpeng mentioned it delivered 3,657 models of its G3 and G3i sports activities utility car, reaching a month-to-month file for the reason that car’s launch in December 2018.

Xpeng additionally mentioned it delivered 437 models of its P5 sedan, which formally launched in September.

Read more about electrical automobiles from CNBC Pro

The firm mentioned its cumulative deliveries have exceeded 100,000 as of the top of October. This 12 months alone, the corporate has delivered 66,542 automobiles, a 289% year-on-year rise.

Xpeng faces rising competitors in China’s electrical car market from different start-ups like Nio and Li Auto in addition to incumbents like Warren Buffett-backed BYD and Elon Musk’s Tesla. But there have additionally been some new challengers hoping to crack the electrical automobile market. Xiaomi, which is most well-known for smartphones, mentioned it plans to mass produce electrical cars in the primary half of 2024.

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