Xpeng registers record sales & stock market debut in Hong Kong
Xpeng Motors registered sales of 6,565 electric cars in June, up 617 per cent from June 2020. Furthermore, following its stock market debut in the USA last year, the Chinese electric carmaker is now officially listed on the Hong Kong Stock Exchange.
Let’s look at the delivery figures first: With said 6,565 BEVs sold, June advanced to a new record month, according to Xpeng. Sales were up 617% year-on-year and 15% month-on-month. In the now-completed second quarter of 2021, Xpeng recorded 17,398 deliveries, also a new record and a 439% increase over Q2 2020. The company ended the first half of the year with cumulative sales of 30,738 vehicles (+459% compared to H1 2020).
June deliveries consisted of 4,730 P7 sedans and 1,835 G3 SUVs. Since mid-2020, 34,588 P7s have been delivered, according to the manufacturer. Meanwhile, Xpeng is planning a facelift for the G3, after which the model will be known as the G3i. The launch of the revised version is planned for this month, with the first deliveries to follow in September. Xpeng is also in the starting blocks with a third production model: The P5 sedan is scheduled for launch in the third quarter of 2021, with deliveries to follow in the fourth quarter.
Meanwhile, Xpeng has also announced its listing on the Hong Kong Stock Exchange, following its stock market debut in the US in August 2020. This is a so-called “dual primary listing”. According to the electric car maker, 85 million ordinary shares were sold globally at the offering price of 165 Hong Kong dollars (about 21.2 US dollars) each in the IPO. Accordingly, the gross proceeds totalled about 14 billion Hong Kong dollars (about 1.8 billion US dollars). Xpeng intends to invest the net proceeds in, among other things, the expansion of its product portfolio, the acceleration of its business expansion, the expansion of its sales and service outlets and in production.
He Xiaopeng, co-founder, chairman and CEO of Xpeng, expects the penetration rate of plug-in hybrid and electric cars in China to reach 30 per cent by 2025 – as high as 60 per cent in major cities due to emission restriction policies. The company’s existing factory has a capacity of about 100,000 vehicles. The maximum production capacity could be increased to 500,000 vehicles once all factories are operating at full capacity, he said during a press conference after the listing ceremony, according to the Global Times.