Shares of China-based EV maker XPeng Inc (XPEV) rallied almost 4% in pre-market trading on Thursday after the company revealed that it recorded its highest-ever monthly deliveries in June.
The company made 6,565 Smart EV deliveries in June, marking 617% year-over-year growth. Also, it reported robust quarterly figures of 17,398 deliveries, up 439% from last year’s quarter.
Of the total deliveries in June, 4,730 were XPeng’s sports smart sedan, the P7, while the remainder were the G3, its smart compact SUV. Notably, XPeng is coming up with two new models that are expected to be launched in the third quarter of 2021. (See XPeng stock chart on TipRanks)
On June 2, following the release of delivery figures for May, Citigroup analyst Jeff Chung reiterated a Buy rating on the stock and raised the price target to $50.30 from $50 (13.2% upside potential). Chung is of the opinion that the terminal value upside on market capitalization for XPeng is higher than one of its peers.
The stock has a Strong Buy consensus rating based on 5 unanimous Buys. The average XPeng price target of $49.13 implies 10.6% upside potential from current levels.
TipRanks data shows that financial blogger opinions are 88% Bullish on XPEV, compared to the sector average of 72%.
The post XPeng Makes Largest-Ever Deliveries in June; Shares Up 4% appeared first on TipRanks Financial Blog.