Chinese electric vehicle maker Xpeng (XPEV) is climbing 5.5% today and reached a 52-week high of $16.06 despite the stock market's decline. On Jan. 31, the automaker reported strong January deliveries.

A Look at XPEV's January Delivery Data

Last month, XPEV's deliveries soared 268% versus the same period a year earlier to 30,350. And despite the fact that January is seasonally weak for auto sales in China while December tends to be seasonally strong, the company's sales dropped off only 17.3% in January compared with December.

A close-up of a luxury electric sports sedan, its sleek body reflecting the energy of progress.

Two of XPEV's newer models - the MONA M03 and the XPENG P7+ - are selling fairly prolifically. The firm handed over more than 15,000 units of the relatively inexpensive MONA M03 in January, and it delivered a total of 20,000 units of its XPENG P7+ large sedan "within two months of (its) launch," the company stated.

Also noteworthy is that XPEV in January delivered more vehicles in a single month than its China-based competitor, Li Auto (LI), which handed over 29,927 automobiles in January. The last time that XPEV sold more vehicles than LI in a single month was September 2022.

Also noteworthy is that XPEV entered the European markets of Belgium, Luxembourg, Ireland and Finland in January.

While we acknowledge the potential of XPEV, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns, and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than XPEV but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ ALSO 8 Best Wide Moat Stocks to Buy Now and 30 Most Important AI Stocks According to BlackRock

Disclosure: The author owns shares of XPEV but has no plans to trade them in the next 48 hours. This article is originally published at Insider Monkey.