XPeng : Third-Quarter Net Loss Widened Even as Revenue Jumped

By Martin Mou

XPeng Inc. said Thursday that net loss for the third quarter widened, even as revenue jumped on sharply higher vehicle sales.

The Chinese electric-vehicle maker's net loss was 2.03 billion yuan ($306.1 million), compared with CNY982.6 million a year earlier, mainly due to a surge in operating expenses.

Revenue more than quadrupled to CNY1.99 billion as the company delivered 8,578 units of cars, compared with fewer than 2,500 in the year-ago period.

"In our first quarter as a public company we achieved strong operating and financial results, highlighted by the rapid growth in deliveries of our P7 Smart EV," Chief Executive He Xiaopeng said.

XPeng, which went public in New York in August, secured fresh funding from a local government-backed company in September, which it plans to use in financing the construction of new production facilities.

Write to Martin Mou at [e-mail]

(END) Dow Jones Newswires

11-12-20 0440ET