Chinese electric-vehicle maker
reported on Tuesday that it delivered 4,224 vehicles in November, up 342% year over year.
XPeng (ticker: XPEV) delivered 3,040 vehicles in October, so the November number represents sequential growth of almost 40%. The company has delivered more than 21,000 vehicles year to date, up 87% year over year.
The delivery figures appeared at first to be enough for bullish investors, but the sentiment faded. XPeng stock was down 6.4% to $54.80 a share as of noon Eastern time, after climbing 4.7% in premarket trading.
Still, the stock has enjoyed a strong run recently. XPeng shares are up about 160% over the past three months.
XPeng became a publicly traded company in late August, selling American depositary receipts, or ADRs, at $15 each. XPeng is a U.S.-listed company based in China. An ADR represents stock in the company held by brokers who have the ability to hold foreign shares. It makes the process of buying a foreign stocks much easier for domestic investors. In the case of XPeng, one ADR represents two shares of underlying stock.
There were some positive EV tidbits for investors to digest Tuesday.
Goldman Sachs analyst Fei Fang upgraded stock in XPeng peer
(NIO) to the equivalent of Hold from Sell and he raised his price target 666%, to $59 a share from $7.70. NIO stock was also up in premarket trading before selling off. Shares were down about 6.9% near midday.
Fang also took his price target on
(LI) stock to $60 from $20.60, retaining his Buy rating. Li Auto shares were up almost 9% in premarket trading but later turned lower and were down 1.8%. Fang doesn’t cover XPeng stock.
Target prices are moving higher for all the Chinese EV players. The average target price for XPeng is up about 83% since Sept. 21. That was the first day analysts started covering the stock after the company’s IPO. Shares are up about 224% since then. The
Dow Jones Industrial Average,
for comparison, are up about 10% and 9%, respectively, over the same span.
(TSLA) was maintaining gains at midday, up 2.9% to $584.00. Monday evening, the S&P index committee said Tesla would be added to the S&P 500 all at once, instead of in pieces because of its large size. That maximizes the amount of stock index funds have to buy all at once and is seen as a bullish sign for aggressive traders wanting to flip the stock between now and Dec. 21, when Tesla is officially added to the S&P 500.
Write to Al Root at [email protected]