Xpeng report
Chinese electric vehicle maker XPeng (XPEV) has released a report with new record shipments and revenues, and has also given a 26% growth forecast for shipments in the current quarter. XPeng is ramping up production and starting deliveries of the new P5 sedan despite the industry's chip shortage issues.
Chinese electric car maker XPeng (XPEV) on Thursday published its report for the second quarter ended 30 June. The company once again delighted its investors with good news about its growth.
Shares of XPeng, listed on the NYSE, were up 2.76% on Thursday.
Due to increased scrutiny and greater legislative regulation of the technology industry in China, as well as investor concerns about the global chip shortage in the automotive industry, XPeng shares have seen a jump in declines since late last year.
XPeng shares have fallen 4.6% since the start of 2021, but have risen almost 30% in the last quarter. Investors should be prepared for the market newcomer's shares likely to remain volatile as the said negative factors could persist at least until the end of this year.
XPeng's Q2 2021 report
XPeng management noted that the company's electric vehicle deliveries in the first half of 2021 exceeded its total deliveries for the full year 2020, reaching 30,738, a 459% increase on the previous year.
The second quarter showed another record for deliveries: 17,398 units, up 30.4% from 13,340 units in the first quarter and up 439% from a year ago.
XPeng introduced Valet Parking Assist in June 2021, which the company says is "one of the most advanced automatic parking features on the Chinese market".
XPeng's total quarterly revenue was $582.5m (RMB3,761.3m). (RMB3,761.3 million) for the second quarter of 2021. XPeng's revenue from services, parts and accessories accounted for $27.4m of total revenue.
In July, XPeng raised $1.8bn following a dual listing of its shares on the Hong Kong Stock Exchange.
In July 2021, XPeng also began pre-sales of its third production model P5, the XPeng family sedan with the LIDAR sensor system based on the advanced XPILOT 3.5 autopilot system.
With XPeng management's high forecast for the third quarter of 2021, the company expects demand and its pace of production ramp-up to continue.
