Tesla rival XPeng reported China presales in for its new electric SUV offering. The numbers showed demand booming just days after the EV became available. XPeng stock surged Monday.
The China-based EV startup said Monday more than 25,000 orders rolled in within 72-hours of the start of presales for its G6 SUV, a direct competitor to the Tesla Model Y. Analysts have speculated the G6 vehicle could revive XPeng's fortunes after the China-based company reported a greater-than-expected Q1 loss last month.
The company claims the G6 has a 755 km maximum range and the ability to offer 300 km of range in just 10 minutes of charging. The vehicle is XPeng's fifth EV model.
XPeng Stock, Tesla And China EVs
XPEV bolted 11.2% to 9.86 Monday during market trade. On Friday, XPeng stock jumped 4.9% to 8.87. XPeng along with auto giant BYD, Li Auto and Nio are top competitors to Tesla in China.
Tesla stock advanced 2.2% Monday. Shares of BYD edged up 2% and Li Auto traded down 2%. Nio rallied 8.7%.
Presales for the G6 Ultra Smart Coupe SUV started on June 9, with display vehicles available at Xpeng stores in China. Official configurations and pricing are expected by the end of June. The presale prices for the G6 began around $31,510, below the $36,948 price tag in China for the Tesla Model Y.
XPeng reported in late May a Q1 loss of 37 cents a share, worse than expected and widening from a year earlier. Revenue plunged 46% vs. a year earlier to $587.31 million, far below views.
The EV maker sees Q2 deliveries of 21,000-22,000, down 36%-39% vs. a year earlier, though up from Q1's 18,230.
Meanwhile, fellow China-based EV-maker Nio cut prices Monday on its entire lineup and was delaying business expansion plans. This follows Nio reporting mixed first-quarter results Friday.
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