Chinese electric car company Xpeng Motors (NYSE: XPEV) announced Friday that it has surpassed 50,000 cumulative deliveries.

In February, Xpeng delivered 2,223 cars, down 63 percent from January, during traditionally a slow sales period due to the Chinese New Year holiday.

Xpeng's cumulative deliveries from January to February were up 577 percent compared to the same period last year.

A total of 1,409 units of Xpeng P7 were delivered in February, and the cumulative deliveries reached 20,181 units, making it the fastest model to exceed 20,000 units delivered by a new car manufacturer, the company said earlier this month.

Xpeng ramped up the ramp-up of its Zhaoqing plant around the Chinese New Year to fully prepare for the rapidly growing demand for orders, the company said.

Earlier this week, Deutsche Bank analysts reduced their price target on Xpeng by $7 to $48, mostly to account for downward re-rating in the peer group.

Analysts led by Edison Yu now use an 8x multiple on 2022E EV/Sales compared with the prior 9x, they said in a note to investors on Tuesday.

The team trimmed their 2021 delivery forecasts for Xpeng, now expecting 65,000 vehicle deliveries, down about 5,000 from the prior forecast.

(Graphic by CnEVPost)