Shares of XPeng, Inc. (XPEV) rallied 4.4% in Wednesday’s early trading session after the company said that it witnessed strong momentum in the monthly deliveries of smart EVs for the month of November.
The company engages in designing, developing, manufacturing, and marketing smart electric vehicles, primarily in China. (See XPeng stock charts on TipRanks)
During the month, XPeng delivered 15,613 vehicles, marking a rise of 270% year-over-year. The total number of vehicles delivered included 7,839 P7s (sports smart sedan), 5,546 G3is (smart compact SUV) and 2,154 P5s (smart family sedans).
So far this year, total deliveries stood at 82,155, up 285% year-over-year. Also, cumulative deliveries reached 121,953 as of the end of November 2021.
In November, XPeng launched a smart SUV, G9, deliveries of which is expected to begin in the third quarter of 2022. Furthermore, the company has been expanding its supercharging network across China, with 550 branded supercharging stations in operation as of October-end.
Last week, Citigroup analyst Jeff Chung maintained a Buy rating on XPeng and raised the price target to $92 (67.3% upside potential) from $87.
Overall, the Street is bullish on the stock and has a Strong Buy consensus rating based on 5 unanimous Buys. The average XPeng price target of $73 implies upside potential of about 32.7%.
XPEV scores an 8 out of 10 on TipRanks’ Smart Score rating system, suggesting that the stock is likely to outperform market averages.
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