Chinese electric vehicle manufacturer Xpeng Inc (XPEV) rose 4.30% on the New York Stock Exchange on Wednesday after the company announced that it would increase its annual production capacity from 100,000 electric vehicles to 200,000 electric vehicles.
XPEV, with a market capitalization of US$33 billion, rose by 38.6% in the most recent quarter but fell by 11.6% from the beginning of the year.
On August 1, Xpeng Inc (XPEV) announced that its electric vehicle deliveries in July were lower than its larger competitor Li Auto (LI) for the second consecutive month.
From the beginning of 2021 to July 31, Xpeng’s total shipments reached 38,778 units, a year-on-year increase of 388%. Li’s similar caliber is still slightly lower than 38,743 units, but the company’s shipment growth in the past two months has exceeded expectations.
Xpeng Inc (XPEV) sells the Xpeng P7 electric sedan and the Xpeng G3 SUVs and plans to ship the P5 sedan equipped with the new autopilot at a lower price than the Tesla Model 3.
Xpeng raised an equivalent of US$1.8 billion after being listed on the Hong Kong Stock Exchange twice in July, which may make it possible to expand Xpeng’s manufacturing capacity.
Rival Li Auto also announced plans to dual-list in Hong Kong in early August.
Xpeng Inc (XPEV) will declare its financial results for the Q2 of 2021 on Thursday, August 26. Over the past three months, the stock has gained 42.91%, while over the past six months, it has shed -4.01%. Further, the company has a current market of $34.53 billion and its outstanding shares stood at 793.36 million.