You’re here (TSLA)rival XPeng (XPEV) reported pre-sales in China for its new electric SUV offering. The figures showed booming demand just days after the electric vehicle hit the market. XPeng stock jumped on Monday.
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The China-based EV startup said Monday that more than 25,000 orders were placed within 72 hours of the start of pre-sales for its G6 SUV, a direct competitor to the Tesla Model Y. Analysts have speculated that the vehicle G6 could revive XPeng’s fortunes after China. The New York-based company announced a better-than-expected first-quarter loss last month.
The company claims the G6 has a maximum range of 755km and the ability to deliver 300km of range in just 10 minutes of charging. The vehicle is XPeng’s fifth EV model.
XPeng Stock, Tesla and Chinese electric vehicles
XPEV jumped 15.4% to 10.24 on Monday during market trade. On Friday, XPeng shares jumped 4.9% to 8.87. XPeng with the automotive giant BYD (BYDDF), Li-Auto (LI) and Nio (NIO) are Tesla’s main competitors in China.
Tesla stock rose 1.4% on Monday. Shares of BYD edged up 1.8% and Li Auto fell 2.3%. Nio rebounded 8.9%.
Presales of the G6 Ultra Smart Coupe SUV began on June 9, with show vehicles available at Xpeng stores in China. Official configurations and pricing are expected by the end of June. Presale prices for the G6 started around $31,510, below the $36,948 price in China for the Tesla Model Y.
XPeng reported a first-quarter loss of 37 cents a share in late May, worse than expected and widening from a year earlier. Revenue plunged 46% from a year earlier to $587.31 million, well below views.
The electric vehicle maker expects second-quarter deliveries of 21,000 to 22,000, down 36% to 39% from a year earlier but up from 18,230 in the first quarter.
Meanwhile, fellow China-based electric vehicle maker Nio slashed prices Monday across its entire lineup and delayed business expansion plans. This follows Nio reporting mixed first-quarter results on Friday.
Please follow Kit Norton on Twitter @KitNorton for more coverage.
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