XPeng (NYSE: XPEV), an electric vehicle (EV) manufacturer located in Guangzhou, has delivered its 200,000th car.
Notably, XPeng achieved the milestone right after its rival Nio (NYSE: NIO) according to a report by Cnevpost on Tuesday, June 21.
Meanwhile, the company managed to increase deliveries in May by 78% year-over-year (YoY), also stating that they doubled the shifts in their Zhaoqing factory since mid-May to catch up with the massive backlog accumulated in the first half of this year.
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Further, based on the annual deliveries, the company delivered 29 vehicles in 2018; from then on, the company delivered 12,728 in 2019, 27,041 in 2020, and 98,155 in 2021. By delivering 53,688 units in the first five months of 2022, it can be calculated that the company has delivered 8,359 units in June so far.
XPEV chart and analysis
In addition, on the daily chart, multiple bottoms have been noted, which usually signify a change of sentiment in a stock. This has been partially confirmed with the last few session, where the stock rallied on high buying volumes to jump above the 20-day and 50-day Simple Moving Averages (SMAs).
Similarly, analysts on Wall Street rate the shares a strong buy, predicting that in the next 12 months, the shares could reach an average price of $39.41, which is 39.80% higher than the current trading price of $28.19.
In other words, if XPeng manages to hold its promise of delivering between 31,000 and 34,000 vehicles for the April to June period, the company’s stock price may see more recovery.
For now, market participants still seem shy in getting back into EV and big tech stocks, with the overall market gyrations occurring daily.
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