Credit Suisse maintained its outperform rating on Chinese electric car company Xpeng Motors (NYSE: XPEV), giving it a $70 price target, citing the company's strong January delivery figures.

The price target means Credit Suisse sees 42 percent upside for Xpeng shares from Monday's close of $49.27.

Xpeng's January shipments reached a record 6,015 units, a 470% year-on-year jump, which Credit Suisse said reflects Xpeng's improved shipment capacity, newly introduced smart systems, ability to expand its brand and marketing efforts.

Credit Suisse said some investors earlier expected Xpeng's capacity to fall in January, mainly due to fewer workers returning to their hometowns this year, making fewer first-time buyers of cars. In addition, these investors believe that the reduction in government stickers, also made a lot of demand reflected in advance of the end of last year.

But the situation in January shows that these are not true. Credit Suisse expects Xpeng sales will continue to rise, as the distribution network from 160 at the end of last year, to 200.

Xpeng delivered 6,015 units in January, the first time Xpeng monthly deliveries exceeded 6,000 units, setting a new record for the third consecutive month and growing at more than 100% year-on-year for the seventh consecutive month.

Its flagship sedan, Xpeng P7, set another record high in single-month deliveries at 3,710 units, with deliveries increasing for three consecutive months.

Since achieving mass deliveries in July 2020, Xpeng P7 has delivered a total of 18,772 units.

Xpeng G3 delivered 2,305 units in a single month, an increase of 118% year-on-year and the highest delivery volume in the last 18 months.

Xpeng shares went up by 2.26 percent to trade at $49.27 as of market close on Monday. The stock went up by 132 percent in the past six months.