XPENG Announces Vehicle Delivery Results for July 2024

Rhea-AI Summary

XPENG, a leading Chinese Smart EV company, reported its July 2024 vehicle delivery results. The company delivered 11,145 Smart EVs, marking a 1% year-over-year and 4% month-over-month increase. This represents the fifth consecutive month of growth in both metrics. For the first seven months of 2024, XPENG delivered 63,173 vehicles, a 20% year-over-year increase.

The XPENG X9 model contributed 1,459 units to July's deliveries, bringing its total to 14,602 since its January launch. XPENG's XNGP technology saw an 84% monthly active user penetration rate in urban driving. The company also announced a strategic upgrade to XNGP, offering nationwide access on all public roads. By Q4 2024, XPENG aims to provide a 'door-to-door' smart driving experience. Additionally, display cars for the new XPENG MONA M03 model will be available in showrooms starting August 1, 2024.

Positive

• Delivered 11,145 Smart EVs in July 2024, up 1% YoY and 4% MoM
• Fifth consecutive month of both month-over-month and year-over-year growth
• 63,173 vehicles delivered in first seven months of 2024, a 20% YoY increase
• XPENG X9 model leads in all-electric MPV and three-row model segments in China
• XNGP's monthly active user penetration rate in urban driving reached 84%
• Strategic upgrade of XNGP technology offering nationwide access on all public roads

Negative

• Year-over-year growth in July deliveries was modest at 1%

Insights

Financial Analyst

XPENG's July 2024 delivery results demonstrate a consistent upward trajectory, marking the fifth consecutive month of growth both month-over-month and year-over-year. The company delivered 11,145 Smart EVs, representing a 1% year-over-year increase and a 4% month-over-month rise. This steady growth pattern suggests improving market traction and operational efficiency.

Year-to-date deliveries of 63,173 vehicles show a substantial 20% increase compared to the same period last year, indicating strong market demand and improved production capabilities. The XPENG X9, with 1,459 units delivered in July and a cumulative total of 14,602 units since its January launch, has quickly established itself as a leader in the all-electric MPV and three-row model segments in China. This rapid market penetration could be a significant revenue driver for XPENG in the coming quarters.

While the growth percentages are modest, the consistent upward trend in a competitive EV market is noteworthy. Investors should monitor how XPENG maintains this momentum, especially with the upcoming launch of the MONA M03 model. The company's focus on expanding its product line and enhancing its autonomous driving technology could be key differentiators in the crowded EV space, potentially leading to improved market share and financial performance.

Tech Expert

XPENG's July announcement reveals significant strides in autonomous driving technology, particularly with their XNGP system. The 84% monthly active user penetration rate in urban driving is impressive, suggesting strong user adoption and trust in the technology. This high engagement rate could translate into valuable data collection, enabling further refinement of the system and potentially leading to a competitive edge in the autonomous driving space.

The strategic upgrade of XNGP from "available nationwide" to "smooth experience anywhere" is a notable advancement. By offering users nationwide access to enhanced XNGP on all public roads with navigation maps, regardless of location or road condition, XPENG is pushing the boundaries of what's possible in autonomous driving. This expansion could significantly enhance the user experience and potentially increase the perceived value of XPENG vehicles.

Looking ahead, XPENG's ambitious goal to deliver a "door-to-door" smart driving experience by Q4 2024 is particularly intriguing. Addressing current gaps in smart driving, such as ETC toll stations, parking lots and narrow paths, could set a new standard in the industry. If successful, this comprehensive approach to autonomous driving could be a major differentiator for XPENG in the competitive EV market, potentially driving sales and brand loyalty.

• 11,145 vehicles delivered in July 2024, marking the fifth consecutive month of both month-over-month and year-over-year growth
• 63,173 vehicles delivered in the first seven months of 2024, a 20% year-over-year increase

GUANGZHOU, China, Aug. 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 July 2024.

In July, XPENG delivered 11,145 Smart EVs, up 1% year-over-year and 4% over the prior month. Out of the total July deliveries, 1,459 were XPENG X9s, bringing X9’s cumulative total to 14,602 units since its launch in January this year and extending its leadership of both the all-electric MPV and three-row model segments in China. Overall, XPENG delivered 63,173 Smart EVs in the first seven months of 2024, a 20% increase from last year.

In July, XNGP’s monthly active user penetration rate in urban driving reached 84%. A strategic upgrade was highlighted at the recent XPENG Smart AI Technology Conference in Guangzhou, leveling up XNGP from "available nationwide"  to "smooth experience anywhere." This upgrade has now been fully rolled out, offering users nationwide access to the enhanced XNGP on all public roads with navigation maps, regardless of city, route, or road condition. By the fourth quarter of 2024, XNGP aims to deliver a "door-to-door" smart driving experience, addressing current gaps in smart driving, such as ETC toll stations on expressways, parking lots, U-turns, roundabouts, private roads in campuses, and narrow paths.

Beginning August 1, 2024, the first batch of display cars for XPENG MONA M03, a smart all-electric hatchback coupe, will arrive at XPENG showrooms nationwide.

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. XPENG’s Smart EVs are mainly manufactured at its plants in Zhaoqing and Guangzhou, Guangdong province. For more information, please visit https://www.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 vehicles did XPENG (XPEV) deliver in July 2024?

XPENG delivered 11,145 Smart EVs in July 2024.

What was XPENG's (XPEV) year-over-year growth in vehicle deliveries for July 2024?

XPENG's vehicle deliveries in July 2024 grew 1% year-over-year.

How many XPENG X9 vehicles were delivered in July 2024?

XPENG delivered 1,459 X9 vehicles in July 2024.

What is the total number of vehicles XPENG (XPEV) delivered in the first seven months of 2024?

XPENG delivered 63,173 Smart EVs in the first seven months of 2024.

What is the penetration rate of XPENG's XNGP technology in urban driving?

XNGP's monthly active user penetration rate in urban driving reached 84% in July 2024.