Chinese EV maker XPeng Inc (NYSE:XPEV) reported first-quarter revenue growth of 62.3% year-over-year to 6.55 billion Chinese Yuan ($0.91 billion), beating analysts’ consensus estimate of 6.17 billion Chinese Yuan ( $0.87 billion) was surpassed. Total revenue fell sequentially by 49.8%.
Adjusted net loss per ADS of $0.21 beat analysts’ consensus loss estimate of $0.27. The stock price rose after the print.
The Tesla Inc (NASDAQ:TSLA) Competitor’s quarterly vehicle deliveries rose 19.7% year over year to 21,821.
XPeng’s physical retail network had 574 stores covering 178 cities as of March 31, 2024.
XPeng’s self-managed charging station network reached 1,171 stations as of March 31, 2024.
Car sales revenues increased 57.8% year-over-year to $0.77 billion, mainly due to accelerating sales growth of the X9.
The gross margin was 12.9% versus 1.7% a year ago. Vehicle margin was 5.5% versus (2.5)% a year ago, mainly due to cost reduction and improvement in model product mix.
Operating loss for the quarter was $(0.23) billion. The company had $5.73 billion in cash and equivalents as of March 31, 2024.
Outlook: XPeng expects to have delivered 29,000 – 32,000 vehicles in the second quarter, up 25.0% – 37.9% year over 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%, compared to the consensus of 9.83 billion yuan .
XPeng shares have lost more than 12% in the past 12 months. Investors can gain exposure to the stock through Invesco WilderHill Clean Energy ETF (NYSE:PBW) and SPDR S&P Kensho New Economies Composite ETF (NYSE:KOMP).
Price promotion: XPEV shares are trading 5.80% higher at $8.75 premarket at last check Tuesday.
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This article Chinese EV Maker XPeng Advances With Strong Sales Growth, Expects to Sell More than 29,000 Units in the Second Quarter originally appeared on Benzinga.com
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