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Chinese electric vehicle startup XPeng, Inc. (NYSE:XPEV) announced Thursday evening its maiden Environmental, Social and Governance (ESG) report, outlining its strategy and achievements on the ESG front.
What Happened: As part of its ESG initiatives, XPeng announced the core concept of "X-SEG" – XPeng-Smart, Efficient and Green – that would guide the establishment and operations of its factories in an eco-friendly manner.
The company noted that for a second year in running it received an "AA" rating from MSCI ESG Research. This, the company said, was the highest MSCI ESG rating among global automakers.
XPeng scored 10 and 9.1 in the categories of "Product Carbon Footprint" and the "Opportunities in Clean Tech," two of the key areas that contributed to the ESG ratings.
The industry averages for these two categories are 7 and 5.5, respectively.
Related Link: What This Analyst Likes About Q3 Deliveries Updates From XPeng and Nio
XPeng's financial and personnel commitment to advancing technology as a key driver in its ability to deliver long-term sustainability-focused innovation was lauded by MSCI ESG Research, the company said.
XPeng's ESG report highlighted the significant progress the company has made with innovative technologies, safety performance with superior product quality and technology, commitment to fostering an open and inclusive culture to attract and retain talents, contribution to disaster relief, poverty alleviation and subsidy of agriculture, and its sound governance structure and protocols.
XPeng Vs. Peers: Peer benchmarking by MSCI ESG showed that XPeng topped the chart when compared to five largest industry peers.
EV giant Tesla, Inc. (NASDAQ:TSLA) could only muster a "A" rating, the same as in the previous two years. The company was found wanting in labor management and product safety & quality.
XPeng's Chinese peer BYD Company Limited (OTC:BYDDF) and Daimler AG (OTC:DDAIF) also secured "A" ratings each. Japanese automaker Toyota Motor Corp. (NYSE:TM) could manage only "BBB" rating.
Volkswagen AG (OTC:VWAGY) received a "B" rating.
XPEV Price Action: XPeng shares retreated 1.33% Thursday to close at $39.39.
