Xpeng (XPEV) - Get Xpeng Inc Report shares jumped higher in pre-market trading after the China-based electric carmaker, and upstart Tesla (TSLA) - Get Tesla Inc Report rival, posted stronger-than-expected third quarter revenues amid the global shortage in semiconductor supplies.
Xpeng delivered 25,666 cars over the three months ending in October, the group said, a 200% increase from the same period last year that powered a 187.4% surge in overall revenues to 5.72 billion Chinse yuan, well ahead of the Street consensus forecast of 4.8 billion. Tesla, by comparison, sold 133,238 China-made cars over the same period.
Xpeng posted a loss of 27 cents per U.S.-listed share on a non-GAAP basis, around 6 cents inside the consensus forecast, and said deliveries over the fourth quarter would range between 34,500 and 36,500 vehicles.
“In the third quarter, we continued record-setting growth with the highest vehicle deliveries among China’s startup new energy vehicle automakers," said CEO He Xiaopeng. "This outperformance testifies to the market’s recognition of the differentiated value our vertically integrated in-house developed software and hardware bring to our vehicles.”
Xpeng's U.S.-listed shares were marked 12.25% higher in early trading Tuesday to change hands at $53. each, a move that would extends the stock's six-month gain to around 70%..
Last week, Xpeng unveiled a new flagship smart SUV for global markets called the G9, in what could become the strongest Tesla competitor in the states.
The company says this is the first vehicle designed with both the Chinese and international markets in mind, and will feature a semi-autonomous driving system similar to Tesla's Autopilot.
"Our G9 flagship smart SUV represents a new level of sophistication with a global perspective, and is an essential part of our exploration of smarter, safer, greener and sustainable mobility," said CEO He Xiaopeng.