Xpeng Motors G6 electric sports utility vehicle (SUV). The company hopes the launch of the new car will boost sales, which slumped in the first quarter.
Shen Qilai | Bloomberg | Getty Images
shares Xpeng Pre-market U.S. deals surged after the Chinese electric carmaker reported a return to growth in quarterly vehicle deliveries after more than a year of decline.
Xpeng Motors said on Saturday that it will deliver 23,205 vehicles in the second quarter of 2023, up 27% from the previous quarter. That beat the company’s own forecast of 21,000 to 22,000 deliveries. That was still lower than the 34,422 vehicles delivered in the second quarter of last year.
Xpeng Motors’ U.S.-listed shares soared more than 11 percent in premarket trading before paring some of those gains.
Xpeng’s deliveries have fallen every quarter since the first quarter of 2022, as the company faces a tough macroeconomic environment in China, as well as increased competition from domestic rivals and Tesla, which Prices have been cut in China to stimulate demand. This also hurt the competitiveness of Xiaopeng Motors.
Tesla’s strategy appears to be working with the company, which reported global vehicle deliveries of 466,140 vehicles in the second quarter, beating analysts’ expectations.
Xiaopeng Motors said that the delivery volume in June alone reached 8,620 vehicles, an increase of 15% from May, the highest monthly delivery volume this year.
The Guangzhou, China-based company said deliveries of its flagship P7 sedan rose 17 percent in June from May, without giving specific sales figures.
Xpeng Motors’ latest model — the G6 Ultra Smart Coupe SUV — was launched at the end of the second quarter and deliveries began this month. Xpeng Motors hopes this will boost sales in the coming quarters.
The loss of Xiaopeng Motors continued to expand, and the competition became increasingly fierce.Last month, Chinese EV startups Nioh slashed prices on its cars.
Over the past few months, Xpeng Motors has been restructuring its management structure and overhauling the company in an effort to unleash its growth potential.
Some of the company’s competitors fared better. ideal car 32,575 vehicles were delivered in June, compared with a total of 86,533 in the second quarter. Meanwhile, NIO delivered 10,707 vehicles in June and 23,520 in the second quarter, not far behind Xpeng.
Meanwhile, Buffett-backed automaker BYD delivered 253,046 new energy vehicles (including battery and plug-in hybrids) in June alone, up 96% year-on-year.
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