Benzinga | Oct 31, 2021 11:34PM EDT

Xpeng Registers 233% YoY Rise In Deliveries For October But Numbers Fall Shy Of Record Month

Chinese electric vehicle Xpeng Inc (NYSE:XPEV) said on Monday it delivered 10,138 vehicles in October, a jump of 233% year-on-year, despite the semiconductor shortage.

What Happened: October marks the second straight month for Xpeng to cross the 10,000 deliveries a month as it expands its lineup. The latest deliveries number falls below September, where Xpeng delivered a record 10,412 vehicles.

Deliveries in the month were lifted by P7 electric sports sedan volumes at 6,044 units, a jump of 187% year-on-year. The company delivered 3,657 G3 and G3i smart SUVs as well as 437 P5 smart family sedans which were launched a few weeks ago.

Xpeng said it has delivered 66,542 electric vehicles so far this year, a jump of 289% year-over-year.

Xpeng started shipping electric vehicles to Norway last year and is eyeing further expansion in Europe.

See Also: Xpeng Prices P7 Sedan Higher In Norway Than Home Turf China As It Takes On Tesla, Nio

Why It Matters: The electric vehicle maker last week revealed the retail prices of its flagship sedan P7 in Norway, a market where it aims to compete with industry leader Tesla Inc (NASDAQ:TSLA) and homegrown rival Nio Inc (NYSE:NIO).

Meanwhile, Nio's first battery swap station in Oslo has completed construction and is expected to open soon.

Nio has warned some orders for vehicles scheduled for delivery in October would be delivered later than originally planned due to production-line renovation and upgrade, as per a cnEVpost report. The electric vehicle maker is expected to report monthly deliveries on Monday.

Xpeng, Nio, and Li Auto (NASDAQ:LI), alongside BYD Co (OTC:BYDDF) are among Chinese electric vehicle makers that aim to contest global electric vehicle makers Tesla and Volkswagen Ag (OTC:VWAGY).

The Chinese electric vehicle makers have just started establishing a presence overseas with most of them eyeing Norway as an entry point to Europe.

Nio and Li Auto are known to be navigating the semiconductor crisis with their own strategies including shipping unfinished electric vehicles without a few key chips and installing them later.

Price Action: Xpev shares closed 0.91% higher at $46.63 a share on Friday.

See Also: How Nio Rival Li Auto Is Working Around The Chip Shortage To Continue Delivering EV

Photo: Courtesy of Xpeng