XPeng stock falls after August deliveries nearly triple, but manufacturing shift affects some G3 deliveries
Shares of XPeng Inc. fell 2.2% in premarket trading Wednesday, after the China-based electric vehicle maker reported a near tripling in August deliveries, but said some planned deliveries were affected by a shift in its manufacturing base. The company said August deliveries rose 172% from a year ago to 7,214 EVs, consisting of 209% growth in P7 sports sedan deliveries to a record 6,165, and 1,049 G3 compact SUVs. The company plans to officially launch the P5 family sedan model on Sept. 15, with deliveries expected to begin in October. The company said it began to transition production for the G3 SUV to G3i to its wholly owned Zhaoqing Smart EV Manufacturing base, which affected some planned deliveries of G3s in August. The company expects to start deliveries of the G3i in September. The stock has surged 22.8% over the past three months, while China-based rival Nio Inc.'s stock has lost 7.2% and the S&P 500 has gained 7.6%.
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