XPeng’s April Vehicle Deliveries Jump 285%

XPeng (XPEV) has registered a 285% year-on-year gain in its electric vehicle deliveries for the month of April to 5,147 EVs. The company has delivered 18,487 EVs so far this year.

Of the 5,147 units, 2,995 were XPeng’s sports smart sedan P7 and 2,152 were its smart compact SUV P7.

In April, XPeng began the delivery of the P7 Wing edition and G3, which is powered by a lithium iron phosphate (LFP) battery. Further, XPeng plans to start delivering the LFP battery-powered P7 model in May.

In a bid to enhance its sales and service network, XPeng entered into a partnership with automobile dealer Zhongsheng Group. The latter will operate Xpeng branded dealership stores. (See XPeng stock analysis on TipRanks)

XPeng also signed a cooperation agreement with Wuhan city to set up a new EV manufacturing plant with an annual capacity of 100,000 units.

Recently, Deutsche Bank analyst Edison Yu reiterated a Buy rating on the stock with a $48 price target (60.5% upside potential).

Reacting after an interaction with XPEV’s top brass, Yu noted that supply-side issues could remain but the company does not expect a major impact on scheduled product launches for the year.

Consensus on the Street is that XPeng is a Strong Buy, based on 6 unanimous Buys. The average analyst price target of $48.68 implies 63% upside potential. Shares have dropped about 11.6% over the past month.

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