Xpeng shares ascend after Chinese EV producer delivers in excess of 10,000 vehicles for the second month in a row

Xpeng said it delivered in excess of 10,000 vehicles in October, sending its Hong Kong shares higher on Monday.

The electric vehicle producer delivered 10,138 vehicles last month, down from 10,412 in September. In any case, that represented a 233% year-on-year increment and the second-straight month where Xpeng delivered in excess of 10,000 vehicles.

Xpeng’s Hong Kong-listed shares were around 3% higher in afternoon trade.

Automakers across the world have been battling with a lack in semiconductors that has obliged a few organizations’ capacities to convey vehicles. Xpeng has all the earmarks of being enduring that well. The organization has recently said that the chip lack sway is “restricted.”

October conveyances included 6,044 units of Xpeng’s P7 lead car, addressing a 187% year-on-year increment. Xpeng said it conveyed 3,657 units of its G3 and G3i sports utility vehicle, arriving at a month to month record since the vehicle’s dispatch in December 2018.

Xpeng likewise said it conveyed 437 units of its P5, which authoritatively dispatched in September.

The organization said its aggregate conveyances have surpassed 100,000 as of the finish of October. This year alone, the organization has conveyed 66,542 vehicles, a 289% year-on-year rise.

Xpeng faces rising rivalry in China’s electric vehicle market from other new businesses like Nio and Li Auto just as officeholders like Warren Buffett-supported BYD and Elon Musk’s Tesla. However, there have additionally been some new challengers wanting to break the electric vehicle market. Xiaomi, which is most notable for cell phones, said it intends to efficiently manufacture electric vehicles in the first half of 2024.