XPeng, one of China’s largest electric vehicle makers, said on Sunday that it delivered fewer cars in April than in March and warned that the Covid pandemic is affecting the industry’s supply chain.
XPeng, based in the southern Chinese city of Guangzhou, delivered 9,002 cars in April, up 75 percent from last year, amid the continued popularity of electric cars in the world’s largest automotive market. However, deliveries last month fell 41% from the 15,414 figure announced for March.
XPeng “has been and continues to actively navigate the Covid situation, which in turn is affecting the global supply chain, production and transportation of cars in China,” the company said in a statement. “The April deliveries reflect the company’s tireless efforts to mitigate existing situations with the various government and industry partners. “
XPeng deliveries in the first four months of the year reached 43,563 units, a year-on-year increase of 136, the company said in the statement.
Businesses in Shanghai, a major global production hub, have been hit hard by weeks’ Covid shutdowns. Beijing also overcame quarantines in April (see similar article here). U. S. -traded XPeng shares have lost more than a portion of their share price since January; closed at $24. 61 on Friday.
XPeng CEO He Xiaopeng is worth $4. 3 billion on the Forbes list of real-time billionaires. XPeng’s investors come with Alibaba, which has an 11% stake, as well as a budget related to IDG and 5Y Capital.
See similar articles:
Chinese inventory exchanges closed from May 2 through the Labor Day holiday
U. S. quarantined for 37 days in China describes ‘chaotic’ environment
@rfannerychina