XPeng's First-Quarter Net Loss Narrowed on Higher Revenue

By Jiahui Huang

XPeng reported a narrower net loss in the first quarter on a steep rise in revenue and guided for higher second-quarter vehicle deliveries.

The Chinese electric-vehicle maker posted a quarterly net loss of 1.37 billion yuan ($189.4 million), compared with a net loss of CNY2.34 billion a year earlier, it said Tuesday.

Quarterly revenue rose 62% to CNY6.55 billion, beating an estimate of CNY6.22 billion in a FactSet poll of analysts. The company attributed the rise to higher deliveries, driven by the launch of its X9 model during the quarter. XPeng delivered 21,821 vehicles in the first quarter, meeting its prior guidance for 21,000-22,500 units.

The EV maker forecast second-quarter deliveries to rise 25%-38% to 29,000-32,000 vehicles and revenue to increase 48%-64% to between CNY7.5 billion and CNY8.3 billion.

Write to Jiahui Huang at [e-mail]

(END) Dow Jones Newswires

05-21-24 0611ET