XPeng Sees 171% Sales Growth in 4th Quarter
XPeng is no BYD or Tesla — it’s far away from the nearly 2 million BEV sales those companies reached in 2023. Nonetheless, it continues to grow strongly and can certainly dream about reaching the big 1 million BEVs a year milestone one day. In terms of 2023, XPeng saw its sales rise to 141,601 units. That’s a 17% increase year over year.
However, the much more exciting and impressive news is that XPeng’s Q4 sales were up 171% compared to Q4 2022. The company scored 60,158 deliveries in the 4th quarter, nearly half of XPeng’s deliveries all year! Unsurprisingly, that set a new quarterly sales record for XPeng. If XPeng could do slightly better than that through 2024 (a big if), it could even reach 200,000 sales a year.
In December, XPeng landed 20,115 sales. That’s 78% more than in December 2022 and set a new monthly record for the company.
Another milestone for the company is that it passed 400,000 cumulative sales in December, reaching 400,311 in total.
Going back to January 2020, let’s have a gander at how the company has progressed sales-wise.
Looking first at this annual sales chart, it looks like a pretty steady and strong rise in sales for the company, but with the biggest jump being from 2020 (influenced heavily by COVID) to 2021. After that, it’s almost like a diagram of a staircase. Getting into more detail and looking at the quarterly sales chart, things are a bit more complicated.
As you can see, XPeng actually had quite a dip through 2022, and still in early 2023, but then the XPeng G6 arrived and sales shot up. It seems that the Tesla Model Y competitor is carrying the company at the moment. Let’s see how far that goes, and also how much future models help boost sales.
Taking an even more detailed look at the company’s history by examining the monthly sales trend of the past three years, we again see that dip and rise — with the anomaly of December 2022 in the middle — and we also see that sales were extremely steady in the last 3 months of 2023. That seems to indicate solid continued demand for XPeng’s vehicles, but we’ll have to see the data in coming months for a more definitive statement on that. Also, it would be more inspiring to see a more upward trajectory at the end of the year. Nonetheless, at 20,000 sales a month, XPeng would rise to 240,000 sales a year. That would be something! That’s still not close to Tesla’s or BYD’s level. Tesla was well above that even back in late 2018, dropping to 20,000 units a month in the 1st quarter of 2019 briefly and then never looking back. But you’ve got to start somewhere and grow in stages. In my humble opinion, XPeng has all the ingredients needed to see greater and greater growth in the coming months and years — great tech, great designs, a great reputation, an attractive expanding product lineup, and a good base of owners who can sell XPeng’s vehicles via positive word of mouth. We’ll see!
Enjoy interactive versions of the charts above here:
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