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All the talk of declining EV sales has gotten quite humorous. In most markets, electric vehicles are growing strong, and some automakers are seeing strongly growing or even soaring sales. One of those companies is XPENG, which is logging most of those sales in China, but is also exporting more and more vehicles.
In November, XPENG delivered 30,895 pure electric vehicles to customers. That’s a whopping 54% increase over November 2023, and it’s up 29% over October 2024, which may be the even more impressive point. Naturally, it’s also a new monthly sales record for XPENG.
XPENG’s sales are now being strongly amplified by its new, highly affordable — yet still very attractive and high tech — M03. The brand new P7+ is also boosting the company’s numbers. We don’t have specific totals by model yet, but XPENG wrote the following: “Deliveries of XPENG MONA M03 exceeded 10,000 units for the third consecutive month since its launch. After 23 days of launch, deliveries of XPENG P7+ exceeded 7,000 units.”
In the first 11 months of 2024, XPENG logged 153,373 sales. That’s a 26% increase over the first 11 months of 2023. Naturally, 26% growth is a great achievement, but the much stronger growth of recent months implies things are only getting better and the company can look forward to much higher growth in coming months. However, that depends on demand for its new models remaining high, spreading via word of mouth and social media, and further sales increases coming in the next year and so forth from more model launches.
Overall, though, XPENG has a lot of room to grow — both in China, where BYD is scoring nearly half a million sales a month, and in the foreign markets XPENG is entering more and more. If XPENG can steal just a small portion of BYD’s sales, the young startup could easily double its sales.
Notably, like other popular Chinese EV producers, XPENG is already well ahead of some of the leading legacy automakers from other countries when it comes to EV sales. Hyundai just boasted 16,500 worldwide EV sales in November. XPENG is at nearly double that number! Most other legacy automakers are below Hyundai’s total.
As a final note, XPENG’s 30,895 sales last month extrapolated out to 12 months would mean 370,740 sales per year. This is getting to around the point that Tesla became profitable, and reports indicate that XPENG has its eye on profitability now too. We’ll see, and we’ll keep you posted. Stay tuned to CleanTechnica for more news on the company as it continues to progress (or the opposite happens, but, for now, all signs are up).
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