- Xpeng's new GX model was officially launched on May 20, with large-scale deliveries set to begin only in June.
- In the January-May period, Xpeng delivered 125,851 vehicles, down 22.59% year-on-year.
Xpeng (NYSE: XPEV) saw its deliveries continue to decline year-on-year last month, though its delivery volume is expected to stage a strong recovery this month as production of the new GX SUV (sport utility vehicle) ramps up.
The Chinese electric vehicle (EV) maker delivered 32,158 cars in May, representing a 4.08% drop from a year earlier and marking its fifth consecutive month of year-on-year delivery declines, according to data released on Monday.
However, this represented a 3.70% increase sequentially from April.
In the first five months of this year, Xpeng delivered a total of 125,851 vehicles, representing a 22.59% year-on-year decrease.
As of the end of May, Xpeng's cumulative historical deliveries reached 1,145,675 units, according to data compiled by CnEVPost.
The company officially launched the GX SUV on May 20. Because the launch date was close to the end of the month, the new model's contribution to May deliveries remains very limited at present.
The new car, which offers both battery electric and extended-range options, has enjoyed a strong start. In the first 12 hours of its launch, the GX garnered 24,863 firm orders.
Of these initial orders, the top-trim Ultra flagship variants accounted for more than 80%.
Xpeng set a highly competitive limited-time starting price of 269,800 yuan (about $39,794) for the GX. This aggressive pricing strategy highlights its ambition to grab a larger share in the mid-to-high-end family user market.
The GX helped Xpeng's total new orders in May surge to about 50,000 units, a team of Deutsche Bank analysts led by Wang Bin wrote in a note last month.
Beyond new models, Xpeng has also made significant progress in the autonomous driving sector. China's first factory-installed, mass-produced L4 robotaxi developed in-house by an automaker officially rolled off the production line in Guangzhou in May.
The robotaxi is built on the GX as a prototype and is equipped with four Turing AI driving chips developed in-house by Xpeng.
Its effective computing power reaches a globally leading 3,000 TOPS, with demonstration operations scheduled to launch in the third quarter.
In the global market, Xpeng has seen strong overseas growth momentum this year. With the P7+ initiating overseas deliveries in April, its monthly overseas sales surpassed 6,000 units for the first time that month. Overseas sales figures for May are not yet available.
Starting from the second quarter, revenue contribution from the international business is expected to exceed 20%, Xpeng said.
Strong overseas performance and high-margin models have helped improve the company's financial health though it remains in the red.
Xpeng's first-quarter gross margin reached 20.6%, according to its earnings report released on May 28.
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