Key points:
- XPeng reports earnings premarket
- The EV company topped expectations
- Shares dipped 1.5%
XPeng (NYSE: XPEV) reported earnings before the opening bell Tuesday, topping earnings and revenue expectations.
The Chinese electric vehicle company posted a loss per share of $0.43 on revenue of $1.11 billion. According to TheFly, analysts expected a loss of $2.61 per share on revenue of $1.06 billion.
Total vehicle deliveries during the quarter came in at 34,422, representing an increase of 98% from 17,398 in Q2 2021. In addition, deliveries of the company’s Pz7 model were 15,983 compared to 11,522 last year.
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Big Misses From Late Q2 Earnings Season And What They Tell Us About The Markets
Quarterly gross margin was 10.9%, a decline of 100 basis points year-over-year.
The company said it faced challenges such as Covid-19 restrictions in China, supply chain challenges and cost inflation during the quarter.
“Our deliveries sustained robust growth momentum in the second quarter despite unprecedented circumstances brought by the resurgence of COVID-19 in certain areas of China,” said He Xiaopeng, Chairman and CEO of XPeng. “We are accelerating the pace of new product launches to round out our offering with vehicles priced between RMB150,000 to RMB500,000. In 2023, we plan to roll out two new competitive models that will further propel rapid sales volume growth.”
For the third quarter, the company expects deliveries to be between 29,000 and 31,000, representing an increase of approximately 13% to 20.8% YoY. Revenue is seen between RMB6.8 billion and RMB7.2 billion, representing an increase of roughly 18.9% to 25.9% YoY.
XPeng shares dipped 1.5% premarket following the report.
