Benzinga | Aug 2, 2021 02:37AM EDT

Xpeng Shares Shoot Up 11% In Hong Kong As July Deliveries Rise 228%: What You Need To Know

U.S.-listed Chinese electric vehicle maker Xpeng Inc (NYSE:XPEV) on Monday reported a jump in monthly deliveries as strong demand for the company's electric sports sedan P7 from China's young buyers lifted sales.

What Happened: The Guangzhou-based electric vehicle maker, which recently got a Hong Kong listing said it delivered 8,040 vehicles in China, a jump of 228% year-over-year and a rise of 22% over last month's numbers.

Xpeng currently has two models on sale and the bulk of the deliveries came from P7 at 6,054 units, while G3, the company's compact electric sports utility vehicle, contributed the rest of the deliveries at 1,986 units.

Xpeng said China's younger, internet-savvy generation was the main driving force behind the growing sales of P7 -- a model that was launched just a year ago.

The EV maker's year-to-date deliveries stand at 38,778.

Why It Matters: Xpeng is ramping up its portfolio and has given its first G3 model, which was launched in China at the end of 2018, a design update. The G3 SUVs mid-phase facelift version will begin deliveries in September.

See Also: Li Auto Follows Rivals Nio, Xpeng In Posting Record June Deliveries

The EV maker has also started accepting pre-order bookings for its upcoming sedan, the P5, which is priced significantly lower than Tesla Inc's (NASDAQ:TSLA) Model 3 electric fastback midsize four-door sedan in China.

P5, the company's third production model, is priced in the range of RMB 160,000 -- RMB 230,000 ($24,751 to $35,578) after subsidies.

Tesla's Model 3 can now be booked at RMB 235,900 ($36,517) after last week's price cut and delivery is expected in four to six weeks.

Rival Li Auto Inc (NASDAQ:LI), which currently has just one model on sale, reported a 251.3% jump to 8,589 deliveries for the month of July on Sunday. Nio Inc (NYSE:NIO) is scheduled to report the latest delivery numbers later on Monday.

See Also: Nio Begins Shipping Flagship ES8 SUVs To Norway, Marking Key Step In Europe Expansion

Chinese electric vehicle makers are scaling up competition at home as well as preparing for overseas expansion. Competition is set to intensify further as automakers unveil a fuller portfolio and compete with bigger rivals such as Tesla and Volkswagen AG (OTC:VWAGY) at both home and abroad.

Price Action: Xpeng shares closed 6.38% higher at $40.38 on Friday in New York. The shares traded 11% higher in Hong Kong on Monday after it reported the delivery numbers.

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Photo: Courtesy of Xpeng