Chinese smart electric vehicle producer XPeng Inc (XPEV) has delivered 5,686 vehicles in May, a year-over-year increase of 483%. Though the auto industry has recently faced chip shortages, the company also recorded a 10% jump in vehicle deliveries from April.
XPeng has delivered 24,173 vehicles so far in 2021, reflecting growth of 427% over the comparable year-ago period.
XPeng continues to witness high demand for the P7, its sports smart sedan, with 3,797 deliveries in May. The company noted that its strong delivery numbers also include the positive impact from the launch of its P7 Wing edition together with its lithium iron phosphate battery-powered G3.
Additionally, XPeng has also seen strong customer utilization rates for its software solutions XPILOT 3.0 and Navigation Guided Pilot (NGP). These offerings are expected to help XPeng generate incremental revenues via its XPILOT software. (See XPeng stock analysis on TipRanks)
On May 25, Nomura analyst Martin Heung initiated coverage on XPeng with a Buy rating and a $46.20 price target (43.8% upside potential).
Heung considers XPeng as the best player in China’s electric vehicle market.
Based on 7 unanimous Buys, consensus among analysts is that XPeng is a Strong Buy with an average analyst price target of $47.61, implying 48.2% upside potential.
Shares have gained 51.4% in the past year.
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