Xpeng (NYSE: XPEV) has defied industry norms by experiencing a surge in sales during a typically slow period for the Chinese auto market. The company reported a remarkable increase in order intake in the first week after the Chinese Spring Festival, highlighting a 7.6 times growth compared to the same period in 2024.
This unexpected success can be attributed to the strong demand for two of Xpeng’s new models, namely the P7+ and Mona M03. Both models, despite being relatively new to the market, have garnered significant attention and interest from consumers.
The P7+ was launched on November 7, 2024, as a mid-to-large-size electric sedan with a starting price of RMB 186,800 ($25,640). On the other hand, the Mona M03 made its debut on August 27, 2024, offering a mid-size electric sedan starting at RMB 119,800 ($25,640).
In January, the P7+ achieved impressive sales figures, delivering 8,114 units and accounting for 26.73 percent of Xpeng’s total monthly deliveries. Meanwhile, the Mona M03 outperformed expectations by delivering 15,225 vehicles, contributing 50.16 percent to Xpeng’s overall monthly deliveries.
One notable achievement for the P7+ was outselling the Tesla Model 3 in China for the month of January. While the Model 3 sold 8,009 retail units during the same period, the P7+ emerged as the preferred choice for many consumers.
Moreover, the P7+ proved to be highly popular among test drivers, with one order generated for every four test drives. Additionally, more than 30 percent of P7+ buyers are female, indicating a diverse and inclusive customer base for Xpeng.
Overall, Xpeng’s success in the post-Spring Festival sales period reflects the growing popularity of electric vehicles in China and the strong demand for innovative and high-quality models like the P7+ and Mona M03. As the company continues to expand its product lineup and reach new milestones, it is poised to make a significant impact in the competitive electric vehicle market.
