Written by Cláudio Afonso | LinkedIn | X
Chinese carmaker XPeng registered 7,500 vehicles in China during the week of March 17–23, up from the 7,000 units recorded the previous week, data shared by local automotive bloggers and media outlets showed on Tuesday.
The Guangzhou-based automaker ranked sixth in the nation’s new energy vehicle (NEV) sales chart for the week, which was once again led by BYD Co., with over 58,000 battery-electric and hybrid vehicle registrations.
Following pressure from the China Association of Automobile Manufacturers (CAAM), rival Li Auto stopped disclosing weekly NEV sales, shifting instead to registration figures, which are typically released by insurance providers. XPeng has not published its own weekly numbers, but third-party sources continue to track and share them.
Another 30,000+ Month in March
Earlier this month, XPeng guided for first-quarter deliveries of between 91,000 and 93,000 vehicles, implying March deliveries in the range of 30,197 to 32,197 units. That would mark a second consecutive month above the 30,000 threshold, underscoring the company’s ambition to double sales in 2025.
XPeng’s latest model, the X9 MPV, launched in January and contributed to a surge in deliveries earlier this quarter. The company aims to expand its lineup significantly in the coming years.
Five Range-Extended Models
According to a report from Chinese publication 36Kr, the carmaker is developing at least five range-extended models across various body styles, including sedans and SUVs.
The first of these models is based on the current X9 platform, with mass production expected to begin in the second half of 2024. Additional models under development—codenamed E, F, and H—are set to launch in 2026 and 2027, offering both pure-electric and range-extended powertrain options.
The carmaker’s founder He Xiaopeng said recently he is “confident” about more than doubling last year’s delivery figures suggesting XPeng sales can surpass 380,000 units this year.
XPeng’s Q4 Results
JPMorgan’s Nick Lai maintained an Overweight rating but lowered his price target to $31 from $35 following XPeng’s fourth quarter earnings results. CLSA’s Ding Luo raised his target for the Hong Kong-listed shares to HK$106 from HK$69, reaffirming an Outperform rating.
Daiwa Securities’ Kelvin Lau downgraded the stock to Neutral from Outperform, trimming his price target to $24, while Bernstein’s Eunice Lee boosted her target to $18 from $14.
“We raised our volume forecast on stronger delivery momentum and an upbeat new product cycle,” Lee wrote. “But we expect some profit-taking after the stock’s over 100% year-to-date rally.”
