Energy & Critical Metals
Alibaba-Backed XPeng Posts Record EV Deliveries; UBS Sees 37% Upside
XPeng Motors delivered a record 3,478 of its smart electric vehicles (EVs) in September 2020, representing a surge of 145% year-on-year. XPeng (XPEV) figures showed that delivery numbers rose 31%
Read More…
The post Alibaba-Backed XPeng Posts Record EV Deliveries; UBS Sees 37% Upside appeared first on TipRanks Financial Blog.

XPeng Motors delivered a record 3,478 of its smart electric vehicles (EVs) in September 2020, representing a surge of 145% year-on-year.
XPeng (XPEV) figures showed that delivery numbers rose 31% from the month of August. The deliveries consisted of 2,573 P7s, the company’s smart sports sedan, and 905 G3s, its compact smart SUV.
In the third quarter of 2020, the Chinese smart electric vehicle company delivered a total of 8,578 smart EVs, consisting of 6,210 P7s and 2,368 G3s, showing an increase of 266% year-over-year.
XPeng started mass delivery of the P7 in late June this year. As of September 30, 2020, a cumulative total of 6,535 P7s were delivered.
“We are pleased to have achieved a record month of deliveries, which demonstrates our ability to execute our strategy, accelerate sales of our Smart EVs and expand our service and charging network,” XPeng Ceo He Xiaopeng.
Last week, the company announced the building of a new car plant in China’s southern city of Guangzhou, which will be its new smart EV manufacturing base and is expected to significantly boost its future production capability upon completion in December 2022. The factory will be financed with 4 billion yuan from the local government. XPeng expects an annual production capacity of 100,000 units at the car plant.
Back in July, the company raised $500 million with a group of investors including Aspex, Coatue, Hillhouse Capital and Sequoia Capital China.
XPeng, which is backed by Alibaba (BABA), was co-founded in 2014 by Xiaopeng, former president of Alibaba Mobile Business Group together with Xia Heng and He Tao, former technology leaders of Guangzhou Automobile Group Engineering.
At the end of August, XPeng began trading on the New York Stock Exchange after its $1.5 billion initial public offering at an offering price of $15 per ADS. Shares closed 2.6% lower at $18.19 on Friday. (See XPEV stock analysis on TipRanks)
UBS analyst Paul Gong last month initiated coverage of the stock with a Buy rating and a $25 price target (37% upside potential).

Related News:
Ford To Recall 700,000 Cars On Faulty Backup Camera
Nikola: Executive Shake Up Was Necessary, Says Analyst
Tesla’s 3Q Deliveries Top Wall Street Expectations
The post Alibaba-Backed XPeng Posts Record EV Deliveries; UBS Sees 37% Upside appeared first on TipRanks Financial Blog.

3 EV Stocks to Turn $50,000 to $1 Million by 2030
Investing in EV stocks offers investors the opportunity to benefit from the world’s green energy transition. The automotive sector will play a significant…
Tecpetrol Raises Alpha Lithium Takeover Bid to $1.48 Per Share
Tecpetrol Investments is not giving up on acquiring all outstanding common shares of Alpha Lithium Corporation (NEO: ALLI), announcing this
The post Tecpetrol…
Kansas Utility Evergy Plans To Keep Coal Plant Open To Meet Energy Demands of Panasonic Battery Plant
Evergy, the utility company serving eastern Kansas and western Missouri, is planning to request a rate increase in Kansas next
The post Kansas Utility…
-
Companies15 hours ago
Eye on Lithium: A sniff of Sigma-like success has ASX hard rock explorers moving to Brazil
-
Uncategorized18 hours ago
ASX listers prove green energy is the dominant flavour at Sydney Opera House investor lunch
-
News Releases23 hours ago
Metals Creek Resources Corp. Closes Final Tranche of Non-Brokered Private Placement of Flow-Through and Non Flow-Through Units
-
Uncategorized15 hours ago
ASX Small Caps and IPO Weekly Wrap: How bad was it? I’m honestly afraid to look…
-
Uncategorized20 hours ago
Hard drilling Mako is proving up an 870,000oz-and-growing gold project and emerging manganese discovery at the same time
-
Energy & Critical Metals18 hours ago
Where there’s smoke, there’s fire: Charger confirms lithium at three Bynoe prospects
-
Companies8 hours ago
Solaris Resources’ (TSX:SLS) Lowell Mineral Exploration Earns Level 1 Carbon Footprint Badge from Ecuador’s Ministry of Environment
-
Uncategorized22 hours ago
Beware! 3 Battery Stocks Waving Massive Red Flags Right Now