Chinese carmaker XPeng hit a new electric vehicle sales record after its sales went up month-over-month for the 10th time in a row. XPeng was among the first Chinese electric vehicle startups to take inspiration from the Tesla brand and quickly became one of China’s most dominant electric vehicle makers.
The company reported delivering 20,041 battery electric vehicle units in November, surpassing its November 2022 sales by a whopping 245% and representing the second time XPeng sales crossed the 20,000 unit mark. The XPeng G6 was the Guangzhou-based carmaker’s best-selling model at 8,750 units sold in November.
All other XPeng models (P7/P7i, P5, G9 and G3/G3i) accounted for a total of 11,291 units sold, surpassing last year’s sales numbers by 94%. While the nearly 100% increase in non-G6 EV sales is a positive sign, it is still too early to determine if XPeng will reach the sales levels required to achieve profitability.
XPeng’s overall 2023 sales have surpassed 120,000 units so far, exceeding last year’s sales by 11% and putting the company on track to sell more battery electric vehicles in 2023 compared to previous years. The company’s cumulative sales by the end of November added up to 380,196 units. XPeng is also poised to expand its product line by launching a large seven-seater, multipurpose vehicle (MPV) called the XPeng X9.
The MPV was first revealed at the 2023 Auto Guangzhou last month and will rely on SEPA2.0 architecture. XPeng unveiled the new SEPA 2.0 platform in April and explained that it offered an end-to-end solution that was modular and interchangeable, and that could support various types of vehicles while shorting research and development cycles for future XPeng models.
Despite starting the year on a relatively rough note, the Chinese EV market has made significant gains during the year. Q2 2023 has been especially bountiful for Chinese electric vehicle companies, thanks to the increasing demand for battery EVs in mainland China. An official estimate from the China Passenger Car Association (CPCA) reports that electric vehicle dealers delivered an historic 940,000 BEV units in November alone, surpassing October sales by 6.5% and representing a 35% year-on-year increase in wholesale EV sales for the first 11 months of the year.
Like XPeng, Beijing-based EV firm Li Auto also shattered the sales records it set in October. Li Auto reportedly delivered 41,030 EV units in November compared to 40,422 units in October. With the year fast drawing to a close, CPCA general secretary Cui Dongshu notes that every car maker is scrambling to meet its 2023 sales targets.
The current progress being made by Li Auto and XPeng provides trajectories that other actors in the industry such as Kandi Technologies Group Ltd. (NASDAQ: KNDI) can look to emulate in the markets that they are operating in.
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