Xpeng (XPEV) 2020 Q4 Earnings Results

Xpeng Inc (NYSE:XPEV), founded in 2014, is an emerging Chinese electric vehicle (EV) manufacturer. Its smart EVs come with artificial intelligence technologies and advance connectivity. Xpeng made its debut on the NYSE in August 2020 by selling 99.7 million shares of its common stock at $15 per share. It has already established itself as a major player in the Chinese EV market.

The company on Monday announced mixed financial results for the fourth quarter. It reported a loss of 787.4 million yuan or 1.05 yuan per share for the three months ended December 31, narrower than a loss of 1.35 billion yuan in the comparable period of 2019. However, the adjusted loss of 0.95 yuan per share was wider than a loss of 0.92 yuan per share estimated by analysts.

On the bright side, revenue skyrocketed 345.5 percent to 2.85 billion yuan, easily beating analysts’ average estimate of 2.71 billion yuan. The revenue was mainly driven by strong deliveries, which jumped 302.9 percent to 12,964 vehicles in the quarter.

Commenting on the quarter, CEO He Xiaopen said in a statement, “We closed 2020 on a strong note, with a record number of total deliveries in the fourth quarter of 12,964 vehicles, led by the P7, our second Smart EV model, which fueled our robust operational and financial performance throughout the year.”

Looking forward, Xpeng expects to report revenue of around 2.6 billion yuan for Q1, translating to a surge of 531 percent on a year-over-year basis. Moreover, vehicle deliveries in the current quarter are expected to reach 12,500, suggesting a surge of 450 percent from the same period of 2020.

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Xpeng shares fell nearly 4 percent on Monday after reporting its Q4 results. However, the stock is up more than 10 percent in the mid-day trading Tuesday. Overall, XPEV stock has advanced nearly 50 percent since going public in August.

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