Shares of XPeng Inc. (NYSE: XPEV) rose 5.8% on Friday after the company provided an update on its vehicle deliveries for March and the first quarter of 2022. As many as 15,414 Smart EVs were delivered during the month, up 202% year-over-year and 148% from February 2022.
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XPeng engages in designing, developing, manufacturing, and marketing smart electric vehicles, primarily in China. It also offers an autonomous driving software system, bank loans, vehicle leasing, and auto insurance services.
Monthly deliveries comprised over 9,183 P7 smart sports sedans (up 160% from the prior month), 4,398 P5 smart family sedans and 1,833 G3 & G3i smart compact SUVs.
For the first quarter of 2022, XPeng delivered 34,561 vehicles, up 159% year-over-year, comprising 19,427 P7s, 10,486 P5s and 4,648 SUVs.
Despite several challenges being faced by the EV makers, such as rising raw material prices and increasing COVID-19 cases in China, XPeng has been able to deliver the highest number of vehicles in comparison to its competitors, Nio (NIO) and Li Auto (LI).
Stock Rating
Recently, HSBC analyst Yuqian Ding initiated a Buy rating on XPeng with a price target of $37 (26.8% upside potential from current levels).
Ding said, “…we are constructive about rapid sales growth and its earnings profile in the medium term on the back of its technology leadership and solid product cycle.”
Based on 10 unanimous Buys, the stock has a Strong Buy consensus rating. XPeng’s average price target of $44.58 implies 52.7% upside potential from current levels. Shares have tanked 18.9% over the past year.
Hedge Fund Trading Activity
TipRanks’ Hedge Fund Trading Activity tool shows that confidence in XPeng is currently Neutral, as the cumulative change in holdings across all six hedge funds that were active in the last quarter was an increase of 81,600 shares.
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