XPENG Announces Vehicle Delivery Results for January 2024

Rhea-AI Summary

XPeng Inc. announced a 58% year-over-year increase in vehicle deliveries for January 2024, with 8,250 Smart EVs delivered. The launch of the X9 Ultra Smart Large Seven-seater MPV contributed to this growth, with 2,478 units delivered in the first month of customer deliveries. The X9 Max trim accounted for 70% of total X9 orders, showcasing strong product competitiveness. XPENG's industry-leading ADAS technologies have achieved a penetration rate of over 85% among users across 243 cities nationwide, ranking first in the industry.

Insights

Market Research Analyst

The delivery of 8,250 Smart EVs by XPENG in January 2024, marking a 58% year-over-year increase, is a strong indicator of the company's growth trajectory and its ability to capture market share in the competitive electric vehicle sector. The successful launch and immediate delivery of the X9 model across a broad geographic region underscore the company's operational efficiency and robust distribution network. The high demand for the X9 Max trim suggests that XPENG has effectively identified and targeted a consumer preference for premium features.

The reported 85% monthly active user penetration rate of XPENG's Advanced Driver-Assistance Systems (ADAS) technology, XNGP, reflects the company's competitive edge in smart technology integration. This high adoption rate is a promising sign of consumer trust in the brand's safety features and technological capabilities. As XPENG expands its ADAS functions to cover more urban areas and plans R&D for international markets, it positions itself for further growth and diversification of revenue streams.

Financial Analyst

The delivery figures released by XPENG have immediate implications for the company's financial performance, with a significant year-over-year increase potentially leading to higher revenue and earnings in the short term. Investors will likely view this positive delivery data as a sign of strong demand and efficient supply chain management, which could lead to upward movements in XPENG's stock price. However, it is important to monitor the company's margins, as ramping up production for the new X9 model could entail increased costs.

Long-term, the company's investment in ADAS technology and its plans to expand into overseas markets could result in substantial R&D expenses. The ability of XPENG to convert its technological advancements into profitable products will be critical for sustaining investor confidence and ensuring a favorable return on investment.

Automotive Industry Analyst

The strategic focus on the X9 Ultra Smart Large Seven-seater MPV by XPENG reflects a targeted move to capitalize on the family vehicle segment, which is a growing niche in the EV market. The company's emphasis on ADAS technology and its goal to achieve nationwide end-to-end XNGP coverage by 2024 highlight its commitment to innovation and safety, key differentiators in the Smart EV industry.

XPENG's plan to initiate R&D on Highway NGP for international markets signals its ambition to be a global player in the EV space. The ability to adapt its ADAS technologies for different driving conditions and regulatory environments will be crucial for its success in overseas markets. The focus on urban ADAS is particularly noteworthy, as it addresses the complex driving scenarios often found in densely populated areas, potentially setting a new industry standard for urban EV driving experiences.

• 8,250 vehicles delivered in January 2024, a 58% increase year-over-year

• 2,478 units of X9 delivered in the first month of customer deliveries

GUANGZHOU, China, Feb. 01, 2024 (GLOBE NEWSWIRE) -- XPeng Inc. (“XPENG” or the “Company,” NYSE: XPEV and HKEX: 9868), a leading Chinese smart electric vehicle (“Smart EV”) company, today announced its vehicle delivery results for January 2024.

In January 2024, XPENG recorded monthly deliveries of 8,250 Smart EVs, representing a 58% increase year-over-year. In early January, the Company launched its X9 Ultra Smart Large Seven-seater MPV, followed by immediate deliveries across more than 100 cities in China. In January, 2,478 X9s were delivered and orders for X9 Max trim accounted for approximately 70% of total X9 orders. The X9 has showcased its outstanding product competitiveness and cutting-edge smart technology, catering for needs of families. The Company is currently ramping up its production capacity for the X9 and accelerating the delivery for customers.

XPENG's industry-leading ADAS technologies offer a compelling value proposition to XPENG customers. XPENG's XNGP is now fully accessible to users across 243 cities nationwide, boasting the broadest coverage of ADAS functions tailored for urban driving scenarios. The monthly active user penetration rate of XNGP ADAS has exceeded 85%, ranking first in the industry in terms of active user scale, user experience and mileage penetration rate for urban ADAS.

The Company aims to extend its end-to-end XNGP coverage to major urban road networks, parking spaces, and private roads nationwide by 2024. Additionally, XPENG plans to initiate R&D on Highway NGP for overseas markets this year and on XNGP in 2025.

About XPENG

XPENG is a leading Chinese Smart EV company that designs, develops, manufactures, and markets smart EVs that appeal to the large and growing base of technology-savvy middle-class consumers. Its mission is to drive Smart EV transformation with technology, shaping the mobility experience of the future. In order to optimize its customers’ mobility experience, XPENG develops in-house its full-stack advanced driver-assistance system technology and in-car intelligent operating system, as well as core vehicle systems, including powertrain and the electrical/electronic architecture. XPENG is headquartered in Guangzhou, China, with main offices in Beijing, Shanghai, Silicon Valley, San Diego and Amsterdam. The Company’s Smart EVs are mainly manufactured at its plants in Zhaoqing and Guangzhou, Guangdong province. For more information, please visit https://XPENG.com.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Statements that are not historical facts, including statements about XPENG’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: XPENG’s goals and strategies; XPENG’s expansion plans; XPENG’s future business development, financial condition and results of operations; the trends in, and size of, China’s EV market; XPENG’s expectations regarding demand for, and market acceptance of, its products and services; XPENG’s expectations regarding its relationships with customers, contract manufacturers, suppliers, third-party service providers, strategic partners and other stakeholders; general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in XPENG’s filings with the SEC. All information provided in this press release is as of the date of this press release, and XPENG does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Contacts:

For Investor Enquiries:

IR Department
XPeng Inc.
Email: ir@xiaopeng.com

Jenny Cai
Piacente Financial Communications
Tel: +1 212 481 2050 / +86 10 6508 0677
Email: xpeng@tpg-ir.com

For Media Enquiries:

PR Department
XPeng Inc.
Email: pr@xiaopeng.com

Source: XPeng Inc.

 

FAQ

How many Smart EVs did XPeng deliver in January 2024?

XPeng delivered 8,250 Smart EVs in January 2024, representing a 58% increase year-over-year.

What was the delivery count for the X9 Ultra Smart Large Seven-seater MPV in the first month?

2,478 units of the X9 Ultra Smart Large Seven-seater MPV were delivered in the first month of customer deliveries.

What percentage of total X9 orders did the X9 Max trim account for?

The X9 Max trim accounted for approximately 70% of total X9 orders.

What is the penetration rate of XPENG's XNGP ADAS technologies?

The monthly active user penetration rate of XNGP ADAS has exceeded 85%, ranking first in the industry.

What are XPENG's plans for R&D on Highway NGP for overseas markets?

XPENG plans to initiate R&D on Highway NGP for overseas markets this year and on XNGP in 2025.