The EV maker reported a narrower loss than anticipated and guided to sturdy gross sales progress within the second quarter.
Shares of Chinese language electrical automobile (EV) maker XPeng (XPEV 6.16%) had been shifting greater on Tuesday after the corporate reported a narrower-than-expected first-quarter loss.
As of 10:30 a.m. ET, XPeng’s American depositary shares (ADS) had been up about 11.4% from Monday’s closing value.
XPeng mentioned final week that it’ll start promoting two fashions, together with the G9 electrical SUV, in France. Picture supply: XPeng Motors.
A narrower loss than anticipated
XPeng reported its first-quarter outcomes earlier than the U.S. markets opened on Tuesday, they usually had been higher than anticipated. The corporate reported an adjusted loss per share of $0.21 on income of $906.9 million; Wall Road had anticipated a loss per share of $0.27 on income of $868.1 million.
XPeng’s gross sales are historically lowest within the first quarter of the 12 months, due to the Lunar New 12 months holidays and since China’s incentives for EV patrons are inclined to “pull ahead” gross sales into the fourth quarter of the previous 12 months.
With that in thoughts, XPeng delivered 21,821 autos within the first quarter of 2024. Whereas that is down sharply from the 60,158 it delivered within the fourth quarter of 2023, it is up 19.7% from the year-ago quarter — with the latter being the fairer comparability.
XPeng had about $5.7 billion in money and equivalents readily available as of March 31, down about 9% from the top of 2023 — however adequate to fund operations for some time.
XPeng expects sturdy gross sales progress within the second quarter
XPeng’s steerage was stable as nicely. The corporate expects its second-quarter deliveries to complete between 29,000 and 32,000 autos. On the decrease finish, that may be up about 25% from the identical interval in 2023.
John Rosevear has no place in any of the shares talked about. The Motley Idiot has no place in any of the shares talked about. The Motley Idiot has a disclosure coverage.
