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Xpeng Inc. Reports Weaker-Than-Expected Q2 Earnings

by Myfxtools
August 19, 2023
in News
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Xpeng Inc. (stock symbol: XPEV) experienced a 6.4% decline in premarket trade on Friday following the release of their second-quarter earnings report. The Chinese electric vehicle manufacturer reported a net loss of RMB2.80 billion ($0.39 billion), or RMB3.25 per ADS, for the quarter. This represents a wider loss compared to the RMB2.70 billion, or RMB1.63 per ADS, reported in the same period last year. The adjusted per-ADS loss was RMB3.10, falling short of FactSet’s projected loss of RMB2.41 per ADS.

Decrease in Revenue and Deliveries

Xpeng’s revenue for the quarter came in at RMB5.06 billion, reflecting a 31.9% decline from the previous year and falling short of the RMB5.54 billion consensus estimated by FactSet. Total deliveries for the quarter amounted to 23,205 vehicles, a decrease of 27.3% compared to the same quarter in the prior year.

Positive Outlook for Q3

Despite the disappointing Q2 results, Xpeng is optimistic about their third-quarter performance. The company forecasts deliveries of 39,000 to 41,000 vehicles, representing an increase of 31.9% to 38.7%. Additionally, Xpeng expects their revenue to range from RMB8.5 billion to RMB9.0 billion.

Stock Performance

Xpeng’s U.S.-listed stock has seen significant growth this year, with a 57% increase year-to-date. In comparison, the S&P 500 index has gained 13.8% during the same period.

Overall, Xpeng Inc.’s Q2 earnings report shows a weaker-than-expected performance with a wider net loss and a decline in revenue and deliveries. However, the company remains optimistic about their future prospects, anticipating growth in vehicle deliveries and revenue for the third quarter.

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Tags: Net LossOptimistic OutlookQ2 earningsrevenue declineVehicle DeliveriesXpeng Inc.
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