XPeng delivered 10,412 electric vehicles in September.
Hector Retamal/AFP via Getty Images
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Chinese electric vehicle maker
XPeng
delivered a record number of vehicles in September. That’s good news for investors and a positive sign for EV peers such as
Tesla
.
XPeng (ticker: XPEV) delivered 10,412 vehicles in September, a record by more than 2,000 cars. In the third quarter, XPeng delivered almost 26,000 vehicles, up 200% year over year. The company expected to deliver about 22,000 vehicles in the quarter.
That’s despite the global semiconductor shortage causing peer
NIO
(NIO) to cut third-quarter delivery guidance to about 23,000 vehicles from 24,000 vehicles in early September.
The delivery result is also good news for peers NIO,
Li Auto
(LI), and Tesla (TSLA). It illustrates EV demand in China remains hot and that companies can successfully navigate the global chip shortage.
The industry will lose about 5 million to 6 million vehicles in 2021 due to the shortage, according to forecasts. Still, Chinese EV sales grew more than 200% year over year in August, according to Citigroup analyst Jeff Chung. China is on pace to sell more than 3 million EVs this year, more than 10% of all new vehicles.
In the coming days, investors will get delivery details from the rest of the Chinese industry including Tesla. Tesla, however, hasn’t broken out Chinese sales in its quarterly releases so far.
Write to Al Root at allen.root@dowjones.com