XPENG Announces Vehicle Delivery Results for September and Third Quarter 2024
Rhea-AI Summary
XPENG announced record-breaking vehicle delivery results for September and Q3 2024. September deliveries reached 21,352 units, a 39% year-over-year increase and 52% month-over-month growth. The newly launched XPENG MONA M03 exceeded 10,000 deliveries in its first month. Q3 2024 saw 46,533 units delivered, up 16% year-over-year. For the first nine months of 2024, deliveries totaled 98,561 units, a 21% increase from the previous year.
The company reported strong demand for the MONA M03, citing its competitive pricing and superior configurations. XPENG's XNGP system achieved an 83% monthly active user penetration rate in urban driving. The AI Tianji XOS 5.3 update was rolled out, offering 32 feature updates and 38 functional upgrades. XPENG also expanded into Spanish and Portuguese markets with the G9, G6, and P7 models. The company plans to unveil the AI-defined XPENG P7+ in October and participate in the 2024 Paris Motor Show.
Positive
- Record-breaking monthly deliveries of 21,352 units in September 2024, up 39% YoY
- Q3 2024 deliveries increased 16% YoY to 46,533 units
- XPENG MONA M03 exceeded 10,000 deliveries in its first month
- 83% monthly active user penetration rate for XNGP in urban driving
- Expansion into Spanish and Portuguese markets with G9, G6, and P7 models
Negative
- None.
Insights
XPENG's September delivery results are impressive, showing strong growth momentum. The 39% year-over-year increase in monthly deliveries to 21,352 units sets a new record, indicating robust demand for their Smart EVs. The Q3 deliveries of 46,533 units, up 16% year-over-year, further solidify this positive trend.
The successful launch of XPENG MONA M03, with over 10,000 units delivered in its first month, demonstrates the company's ability to introduce popular new models. This diversification of product lineup could help XPENG capture different market segments and potentially increase market share.
The company's focus on AI and ADAS technologies, with high user penetration rates, suggests a strong competitive edge in the smart EV market. The expansion into European markets like Spain and Portugal indicates XPENG's ambitions for international growth, which could be a significant driver for future revenue.
Overall, these delivery numbers and strategic initiatives paint a positive picture for XPENG's growth trajectory and market position in the competitive EV industry.
XPENG's technological advancements are noteworthy. The 83% monthly active user penetration rate for XNGP in urban driving is impressive, indicating high user engagement with their advanced driver assistance systems. The rollout of AI Tianji XOS 5.3 with 32 feature updates and 38 functional upgrades showcases XPENG's commitment to continuous improvement and innovation in software.
The company's focus on end-to-end large AI models for ADAS features is particularly significant. The ability to handle complex driving scenarios like ETC passing, U-turns and roundabouts demonstrates advanced AI capabilities that could set XPENG apart in the competitive smart EV market.
The upcoming unveiling of XPENG P7+ as an "AI-defined car" suggests a strategic shift towards AI-centric vehicle design, potentially leading to more integrated and sophisticated smart driving experiences. This approach could appeal to tech-savvy consumers and help XPENG maintain a competitive edge in the rapidly evolving EV industry.
- Deliveries in September 2024 set a new monthly record of 21,352 units, a
39% increase year-over-year - The first month of deliveries of XPENG MONA M03 exceeded 10,000 units in September
- 46,533 units delivered in Q3 2024, a
16% increase year-over-year
GUANGZHOU, China, Oct. 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 September and the third quarter 2024.
In September 2024, XPENG delivered 21,352 Smart EVs, a new record for monthly deliveries, representing increases of
With a broad array of superior configurations and competitive pricing, XPENG MONA M03 has experienced a significant increase in orders since its market launch. XPENG and supply chain partners are sparing no effort to prepare for XPENG MONA M03’s further production ramp-up.
In September, XNGP’s monthly active user penetration rate in urban driving reached
Additionally, after successful launch events in Madrid and Lisbon in September, XPENG officially introduced the G9, G6 and P7 models to the Spanish and Portuguese markets.
Looking ahead, the Company expects to unveil XPENG P7+, positioned as AI-defined car, in October 2024. XPENG will also showcase its state-of-the-art AI technologies and applications and its new model lineup at the 2024 Paris Motor Show from October 14 to 21.
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 September 2024?
What was XPENG's (XPEV) delivery growth rate in Q3 2024 compared to the previous year?
How many XPENG MONA M03 units were delivered in its first month?
What was XPENG's (XPEV) XNGP monthly active user penetration rate in urban driving for September 2024?
