Xpeng Posts Wider Loss For Q2; Sees Higher Revenue For Q3; Stock Down In Pre-market

Xpeng Inc. (XPEV), a Chinese smart electric vehicles maker, on Friday reported a wider loss for the second-quarter of 2023, amidst a fall in revenue, particularly reflecting a decline in revenue from vehicle sales.

Following the news, XPEV was trading down 6.90 percent at $14.59 per share in the pre-market trade on the New York Stock Exchange.

For the three-month period to June 30, the company posted a net loss of RMB2.80 billion or RMB 1.63 per share, compared with RMB2.70 billion or RMB 1.58 per share loss, recorded for the same period of previous year.

Loss per ADS was at RMB3.25, versus last year’s RMB3.16 per ADS loss.

Excluding items, loss was at RMB2.670 billion or RMB 1.55 per share, compared with RMB2.464 billion or RMB 1.44 per share loss a year ago.

Adjusted loss per ADS stood at RMB3.10, compared with RMB2.88 per ADS loss in the prior year period.

Loss from operations widened to RMB3.09 billion from RMB2.09 billion in loss of 2022. Excluding items, operating loss was at RMB 2.96 billion, versus last year’s RMB 1.85 billion loss.

The total deliveries of vehicles moved down to 23, 205 from previous year’s 34, 422.

Total revenue was RMB5.06 billion, down from RMB7.44 billion a year ago. Revenue from vehicle sales was at RMB4.424 billion, lesser than previous year’s RMB 6.938 billion.

Looking ahead, for the third-quarter, the automaker projects its total revenue to be in the range of RMB8.5 billion – RMB9 billion, representing a year-over-year increase of around 24.6 percent to 31.9 percent.

Xpeng expects its third-quarter deliveries of vehicles to be in the range of 39,000 – 41,000, representing a year-over-year increase of approximately 31.9 percent to 38.7 percent.

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