Xpeng (XPEV) Reports Record Quarterly Revenue

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 recently announced mixed financial results for the first quarter. The Chinese smart electric vehicle maker reported a loss of 786.6 million yuan for the three months ended March 31, wider than the loss of 649.8 million yuan in the comparable period of 2020. On an adjusted basis, Xpeng posted a loss of 696.3 million yuan, versus a loss of 644.8 million yuan in the year-ago quarter.

Revenue for the quarter skyrocketed 616 percent to 2.95 billion yuan, beating analysts’ average estimate of 2.67 billion yuan. Vehicle deliveries in the quarter climbed 487.4 percent to 13,340. If we look at the company’s sales and service support expansion, XPeng’s store count increased to 178, while the service center count rose to 61, covering 70 cities. Moreover, its supercharging stations increased to 172, covering 60 cities.

Speaking on the results, CEO He Xiaopeng said in a statement, “The first quarter kicked off a great start to 2021 with a record-breaking vehicle deliveries notwithstanding seasonally slower demand for automobiles and the semiconductor shortage. Our strong momentum in the quarter was propelled by our industry-leading full-stack autonomous driving technology, solid differentiated product strategy, and our vision to lead Smart EV development and transformation.”

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Looking forward, Xpeng expects revenue in the range of 3.4 billion yuan to 3.5 billion yuan for the second quarter, above the consensus forecast of 3.30 billion. Moreover, the company is anticipating vehicle deliveries between 15,500 and 16,000 in the current quarter, translating to a year-over-year surge of 380 to 396 percent.

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