XPeng Inc. (NYSE: XPeng (XPEV)) said Tuesday that it delivered 39,107 vehicles in August, up 4% from a year earlier. Deliveries also rose 2.8% from 38,027 vehicles in July.
That puts XPeng at 77,134 vehicles delivered during the first two months of the third quarter. The company previously forecast quarterly deliveries of 115,000 to 121,000 vehicles. So, to hit that target, XPeng needs to deliver between 37,866 and 43,866 vehicles in September. Doable, but not a given.
The company also highlighted progress beyond vehicle sales. XPeng unveiled the G9L on Aug. 11 and started presales in mainland China. Meanwhile, XPeng received a permit to conduct remote testing of intelligent connected vehicles in Guangzhou. The approval allows trials without an onboard safety operator on designated roads. It marks another step in the company's robotaxi development.
Chinese EV Peer Performance
For context, NIO Inc. (NYSE: NIO (NIO)) said Tuesday that it delivered 35,836 vehicles in August, up 14.5% from a year earlier. Li Auto Inc. (NASDAQ: Li Auto (LI)) delivered 37,679 vehicles, up 32.1% year over year. So XPeng's growth is more modest than its peers, but it's still growing.
XPeng recently reported second-quarter revenue of 19.74 billion Chinese yuan ($2.91 billion), up 8% year over year. However, revenue missed estimates, and the company reported a wider-than-expected adjusted loss. So the market isn't exactly throwing a party.
XPeng Technical Analysis
On the charts, XPEV remains in a long-term downtrend. The stock traded 3.8% below its 20-day simple moving average of $11.78. It was also 9.5% below its 50-day SMA of $12.52 and 32.5% below its 200-day SMA of $16.78. Those moving averages could limit any rebound. In addition, the stock formed a death cross in January when its 50-day SMA fell below its 200-day SMA. That pattern supports the bearish long-term outlook.
However, momentum may be improving. The moving average convergence divergence indicator sits above its signal line, while the histogram remains positive. That suggests selling pressure is easing, although the broader trend has not reversed.
The $12.50 level is the key resistance area. It sits close to the 50-day SMA of $12.52. If the stock can reclaim that level, it could start to change the narrative.
Momentum Score
XPeng has a momentum score of 3 on the MarketDash scorecard. The weak rating reflects the stock's position below its major moving averages. The stock must reclaim the $12.50 resistance area to begin improving its technical structure.
Top ETF Exposure
For ETF investors, the Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares (NYSE: EVAV (EVAV)) holds XPEV at a 4.19% weighting. Large inflows or outflows from the fund could trigger automatic buying or selling of XPeng shares. So keep an eye on that if you're watching the stock.
XPeng Price Action
XPeng shares fell 0.44% to $11.31 in Tuesday's premarket trading, according to market data.
