Xpeng Inc. shares fell 3% in premarket trade Tuesday, after the Chinese electric vehicle company . Xpeng posted a loss of RMB778.1 million ($116.2 million) for the quarter to June 30, narrower than the loss of RMB1.619 billion posted in the year-earlier period. Excluding non-recurring losses, the EV maker had a loss of RMB2.88, compared with a FactSet consensus for a loss of RMB2.17. Revenue rose to RMB7.436 billion from RMB3.761 billion a year ago, ahead of the RMB7.307 billion FactSet consensus. The company delivered 34.422 vehicles in the period, up 98% from the year-earlier one. Deliveries of the company's P7 smart sports sedan rose 39% to 15,983. "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. The company is on track for the official launch of its flagship G9 SUV in September, he added. Xpeng is now expecting third-quarter EV deliveries of 29,000 to 31,000, or a rise of about 13% to 20.8%. It expects revenue of RMB6.8 billion to RMB7.2 billion, below the RMB10.3 billion FactSet consensus. Shares have fallen 58% in the year to date, while the S&P 500 has fallen 13%.
(END) Dow Jones Newswires
August 23, 2022 06:44 ET (10:44 GMT)
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