Xpeng Higher on EV Producer's Stronger-Than-Expected Results

Xpeng's first-quarter sales leaped to 2.95 billion yuan (US$450.4 million), topping the analyst consensus of 2.67 billion yuan.
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Xpeng  (XPEV) - Get Report shares rose Thursday after the Chinese electric-vehicle maker reported stronger-than-expected first-quarter results, including a sevenfold surge in revenue.

The Guangzhou company's net loss widened to 786.6 million yuan (US$120.1 million), or 0.99 yuan a share, from 649.8 million yuan, or 5.16 yuan a share, in the year-earlier quarter.

The adjusted net loss expanded to 696.3 million yuan (US$106.3 million), or 0.88 yuan a share, from 644.8 million yuan, or 3.56 yuan per share, a year earlier.

The analyst consensus called for an adjusted net loss of 797.6 million yuan in the latest quarter.

Sales leaped to 2.95 billion yuan (US$450.4 million), topping the FactSet analyst consensus of 2.67 billion yuan. Demand for electric cars in China is strong.

Xpeng shares recently traded at $26.10, up 5.4%. They have dropped 47% over the past three month amid investor concern about the stock's valuation.

Chief Executive He Xiaopeng noted the company's "[record] vehicle deliveries notwithstanding seasonally slower demand for automobiles and the semiconductor shortage.”

The company predicts revenue of 3.4 billion yuan to 3.5 billion yuan for the second quarter, above analysts' consensus estimate of 3.3 billion yuan.

Last month, Xpeng launched the world's first mass-produced electric car with Lidar technology. That upped the ante against competitors including Tesla  (TSLA) - Get Report by making the self-driving technology a standard feature in its P5 sedan, the South China Morning Post reported.

The paper also reported in April that Xpeng is building a factory in Wuhan less than a year after its first assembly facility went online in Zhaoqing.