Al Root

Chinese electric vehicle maker XPeng delivered another strong month of deliveries in March, keeping up the pressure on Tesla in China -- the world's largest market for new EVs.

XPeng delivered 33,205 vehicles in March, up from 9,026 delivered in March 2024. It was the fifth consecutive month deliveries topped 30,000 vehicles. XPeng had never delivered 30,000 cars in a month before the streak started.

For the quarter, XPeng delivered 94,008 vehicles, up 331% year-over-year. New models, including the G6, G7, G9, and Mona have helped.

Tesla doesn't report regional sales, but Tesla sold about 60,000 cars in China in January and February combined, according to industry data providers. That was down about 14% from the comparable period of 2024.

Competition has been a factor, but some of Tesla's weakness is related to model changeover. Tesla recently updated its most popular EV, the Model Y, and buyers are waiting for production of the new model to ramp up.

Soaring deliveries have helped XPeng American depositary receipts get off to a great start in 2025. Coming into Tuesday trading, the stock was up 75% year to date. The shares rose 4.3% in premarket trading.

Along with XPeng, Chinese EV makers NIO and Li Auto are slated to report March deliveries on April 1 as well.

Tesla stock dropped 36% in the first quarter, underperforming the S&P 500, which fell 4.6%.

Write to Al Root at allen.root@dowjones.com

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April 01, 2025 04:59 ET (08:59 GMT)

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