05/21/2024 – 16:38
XPeng pointed to an increase in vehicle deliveries in the second quarter after its first-quarter net loss narrowed due to increased sales and improving margins. The Chinese electric vehicle maker posted a quarterly net loss of 1.37 billion yuan ($189.4 million), compared with a loss of 2.34 billion yuan a year earlier, it said on Tuesday.
Quarterly revenue jumped 62% to CNY6.55 billion, beating an estimate of CNY6.22 billion in a FactSet survey of analysts.
The company attributed the result to increased deliveries, driven by the launch of the X9 model during the quarter.
XPeng delivered 21,821 vehicles in the first quarter, meeting its previous guidance of 21,000 to 22,500 units. The EV maker cut prices on its models in March.
Top line was also helped by a near doubling in service revenues, which was attributed to a recent partnership with the Volkswagen Group in the areas of autonomous driving and advanced automotive software systems.
XPeng forecasts second-quarter deliveries to increase 25%-38% to 29,000-32,000 vehicles, and revenue to increase 48%-64% to between CNY7.5 billion and CNY8.3 billion.
Gross margin was 12.9%, a sharp increase from 1.7% a year ago and 6.2% in the fourth quarter. Larger rivals Li Auto and BYD reported first-quarter gross margins of 20.6% and 21.9%, respectively.
The company launched its artificial intelligence-powered automotive operating system on Monday. The system can help drivers better identify road situations, assist with parking and provide interactive in-car assistance. Source: Dow Jones Newswires.
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