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

Chinese EV maker XPeng Inc (NYSE:XPEV) reported fiscal first-quarter sales growth of 62.3% year-on-year, to 6.55 billion Chinese Yuan ($0.91 billion), beating the analyst consensus estimate of 6.17 billion Chinese Yuan ($0.87 billion). Total revenues declined 49.8% sequentially.

Adjusted net loss per ADS of $0.21 beat the analyst consensus loss estimate of $0.27. The stock price gained after the print.

The Tesla Inc (NASDAQ:TSLA) rival’s quarterly vehicle deliveries increased 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 self-operated charging station network reached 1,171 stations as of March 31, 2024.

Revenues from vehicle sales increased 57.8% Y/Y to $0.77 billion, mainly attributable to accelerating sales growth of the X9.

Gross margin was 12.9% vs. 1.7% a year ago. Vehicle margin was 5.5% vs. (2.5)% a year ago, primarily attributable to the cost reduction and the 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 – 32,000, up 25.0% – 37.9% year-on-year.

The company expects second-quarter revenue of 7.5 billion Yuan – 8.3 billion Yuan, representing a year-on-year increase of 48.1% – 63.9%, vs. the consensus of 9.83 billion Yuan.

XPeng stock lost over 12% in the last 12 months. Investors can gain exposure to the stock via Invesco WilderHill Clean Energy ETF (NYSE:PBW) and SPDR S&P Kensho New Economies Composite ETF (NYSE:KOMP).

Price Action: XPEV shares are trading higher by 5.80% at $8.75 in premarket at the last check Tuesday.

Photo via Shutterstock

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This article China's EV Maker XPeng Speeds Ahead with Strong Revenue Growth, Expects Selling More Than 29K Units In Q2 originally appeared on Benzinga.com

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