Xpeng (NYSE:XPEV) stock has had a wonderful month.

The growing demand for EVs in China has led to a surge in the delivery numbers and XPeng has proved its worth yet again with mind-blowing results.

I think XPeng is one of the top EV makers in China and it has massive potential to grow.

XPEV stock is trading at just below $47 today and I think it will hit the $50 mark very soon. The stock is up more than 35% over the past month.

The stock went as high as $74 last year and is trading much lower today. The solid monthly deliveries and third-quarter results will have a huge impact on the stock and will push it upwards.

Let us consider the catalysts that will work for XPEV stock.

Stellar Monthly Deliveries

XPeng reported October deliveries and hit a solid high. It reported 10,138 Smart EVs in October, which is a 233% year-over-year rise. This is the second month of surpassing 10,000 monthly deliveries despite chip shortage. This is only the beginning for XPeng. It will have a solid run in the coming months.

The company saw a 187% rise year over year in the sales of the P7 smart sedan. Its year-to-date deliveries stand at 66,542 and the total deliveries of the company exceed 100,000.

These numbers show that the customers are enjoying their XPEV cars and there is a huge market for the company. Rival Nio (NYSE:NIO) only delivered 3,667 cars in the month, reporting a massive decline.

The company is also working to expand the supercharging facilities that will help meet the demands of the consumers. It offers free supercharging services to customers at 1,648 stations.

Launch Of SUV-G7

XPeng has three models currently, G3, P7, and P5. The company is soon to launch the fourth model, G7 which is positioned as a medium and large SUV.

The car has more than 5 seats and will be equipped with a Pilot 4.0 autopilot system. It will also have two lidars like P5.

This SUV will have upgraded technology with smart chassis, OTA capabilities, and air suspension systems. The car will be ready for delivery in 2022.

The company revealed that it will launch three more models between 2023 to 2025. This will take the total product matrix to seven models in the coming years and it will have something for every type of customer.

It will also enhance the delivery capabilities of the company in the coming years. It is great to see the company working on one model after the other, focusing on one at a time which helps ensure top quality and service.

The Bottom Line On XPEV Stock

The EV industry is hot and as countries continue to move towards electric vehicles, the demand for them will be on the rise. XPeng is in a growth stage and it has a massive market to cater to.

The company is catering to the demands of the consumers and the delivery numbers prove that it is going in the right direction.

With strong monthly deliveries and high yearly growth, XPeng is well-positioned in the market. XPEV stock is a safe bet and will soar higher in the coming months.

The stock has the potential to hit new highs after the third-quarter results.

XPeng also has a presence in Norway and recently launched the P7 Sedan there. This will help expand the market and reach across new geographical borders. It will be interesting to see how the cars perform in the Norway market, which already has several top EV makers fighting for the market share.

All in all, XPeng is a solid company with the potential to grow. The company is already impressing investors with strong delivery numbers which will continue to boost sales and revenue. XPEV stock is set for a strong high in the near future.

The company will report third-quarter results on Nov. 23.

On the date of publication, Vandita Jadeja did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Vandita Jadeja is a CPA and a freelance financial copywriter who loves to read and write about stocks. She believes in buying and holding for long-term gains. Her knowledge of words and numbers helps her write clear stock analysis.