Tesla Rival XPeng's Stock Surges Over 5% After EV Maker Starts Deliveries Of P7+ Sedan In China

Chinese EV maker XPeng Inc. (NYSE:XPEV) officially began nationwide deliveries of its XPENG P7+ sedan in China on Nov. 11 and the company’s NYSE-listed shares are on the rise.

What Happened: The P7+ sedan was launched on November 7 with a starting price of about 186,800 yuan. Firm orders for the vehicle touched 31,528 as of 24:00 hours on the day of launch, company founder Xiaopeng He said.

The P7+ is available in three variants with the higher-end, limited-edition version starting at 218,800 yuan ($30,234).

Tesla Inc‘s Model 3 sedan, meanwhile, has a starting price of 231,900 yuan in China with the higher-end variant starting at 335,900 yuan.

Why It Matters: In October, XPeng delivered 23,917 vehicles, marking a growth of 20% year-on-year. The XPeng Mona M03 hatchback coupe alone accounted for over 10,000 deliveries.

In the ten months through the end of October, XPeng delivered 122,478 EVs, marking a growth of 21% from the corresponding period last year.

Price Action: Xpeng’s NYSE-listed shares closed at $15.3 on Monday, marking a rise of nearly 21% over the past 5 days. The stock is up by nearly 9% year-to-date, according to Benzinga Pro data.

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Photo courtesy: XPeng