China’s EV Maker XPeng Speeds Ahead with Strong Revenue Growth, Expects Selling More Than 29K Units In Q2

China’s EV Maker XPeng Speeds Ahead with Strong Revenue Growth, Expects Selling More Than 29K Units In Q2

Chinese electric vehicle maker XPeng accelerates with strong revenue growth, plans to sell more than 29,000 units in the second quarter

Chinese electric vehicle manufacturer XPeng Inc (NYSE:XPEV) reported first-quarter sales growth of 62.3% year-on-year to 6.55 billion Chinese yuan ($0.91 billion), beating analysts’ consensus estimate of 6.17 billion. Chinese yuan ($0.87 billion). Total revenue decreased 49.8% sequentially.

ADS adjusted net loss of $0.21 beat the loss estimated by analyst consensus at $0.27. The stock price rose after press time.

THE Tesla Inc. (NASDAQ:TSLA) its rival’s quarterly vehicle deliveries rose 19.7% year-on-year to 21,821.

XPeng’s physical sales network had 574 stores, covering 178 cities as of March 31, 2024.

XPeng’s network of self-operated charging stations reached 1,171 stations as of March 31, 2024.

Revenue from vehicle sales increased 57.8% year-over-year to $0.77 billion, mainly due to accelerated sales growth of the X9.

The gross margin stood at 12.9% compared to 1.7% a year ago. The vehicle margin stood at 5.5% compared to (2.5)% a year ago, mainly due to cost reduction and improvement in the model product mix.

Operating loss for the quarter was $(0.23) billion. The company held $5.73 billion in cash and equivalents as of March 31, 2024.

Outlook: XPeng expects second-quarter vehicle deliveries of 29,000 to 32,000, up 25.0% to 37.9% year-on-year.

The company expects revenue of 7.5 billion yuan to 8.3 billion yuan for the second quarter, representing a year-on-year increase of 48.1 percent to 63 .9%, compared to consensus of 9.83 billion yuan.

XPeng stock has lost more than 12% over the past 12 months. Investors can gain exposure to the stock via Invesco WilderHill Clean Energy ETF (NYSE:PBW) And SPDR S&P New Economies Composite ETF (NYSE:COMP).

Price action: XPEV shares are trading up 5.80% at $8.75 in pre-market trading at last check Tuesday.

Photo via Shutterstock

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