TMTPOST -- The American depositary receipts (ADRs) of Xpeng Inc. rose as much as 9.2% and settled 5.3% higher on Monday.  Shares rallied to the highest close in two weeks after the Chinese electric vehicle (EV) maker posted another delivery record.

Credit：Xpeng

Xpeng delivered 30,895 EVs in November, representing a 54% year-over-year (YoY) increase and a 29% month-over-month (MoM) increase. The company has broken its monthly delivery record for a third straight month.

Deliveries of artificial intelligence (AI)-powered Mona M03, a Tesla Model 3 rival, exceeded 10,000 units for the third consecutive month since its launch in late August. After 23 days of launch, deliveries of Xpeng P7+, the world’s first vehicle to feature built-in AI-powered advanced Advanced Driver Assistance Systems (ADAS) across the entire lineup, exceeded 7,000 units. For the first eleven months of 2024, XPENG delivered 153,373 Smart EVs, a 26% increase from the same period last year.

Many of Xpeng’s Chinese peers also maintained robust yearly growth of delivery in November, driven by China’s efforts to boost the auto industry including consumption of NEVs these months. The Chinese government has launched a nationwide campaign to bolster the NEV uptake in China's rural areas in May, and has increased a financial stimulus to encourage consumers to scrap their old vehicles and buy new ones in August. Subsidies for trade-ins of new energy passenger vehicles have doubled from RMB10,000 -- a figure stipulated in an April document -- to RMB 20,000.

BYD Co. Ltd, China’s No.1 new energy vehicle (NEV) manufacturer, announced at weekend it sold 506,804 new energy vehicles (NEVs) in November, shattering its sales record for a sixth consecutive month. The sales represented a 67.86% YoY increase after BYD became the first Chinese automaker to sell more than 500,000 cars in a month in October. As of November, BYD sales to the year date gained 40.02% YoY to 3,757,336 units.

Zhejiang Leapmotor Technologies Ltd. for the first time delivered more than 40,000 EVs in a month. Its delivery surged 117% YoY to 40,169 units in November, bringing the total delivery of this year to 251,207 units. That volume doubled from the eleven months of 2023. The Stellantis NV's Chinese partner said it became the first Chinese EV startups that met its annual sales target earlier, and will challgence a 500,000-unit target for the year 2025.

Li Auto said it delivered 48,740 vehicles in November, up 18.8% YoY, while the delivery was declined 5.3% MoM. That is the second MoM drp after the company set its monthly record in September.  As of Novmber 30, Li Auto had delivered a total of 441,995 vehicles in 2024, with cumulative deliveries reaching 1,075,359. The company said it remained the sales champion of Chinese automotive brands in the RMB200,000 and above NEV market for eight straight months.  

Nio Inc. has delivered more than 20,000 EVs for a seventh straight month. Its delivery in November climbed 28.9% YoY to 20,575 vehicles, though fell 1.9% MoM. The monthly deliveries consisted of 15,493 vehicles from the company’s premium smart electric vehicle brand NIO, and 5,082 vehicles from its family-oriented smart electric vehicle brand ONVO.