2 days Ago By Anusuya Lahiri
Chinese EV maker XPeng Inc (NYSE: XPEV) reported fiscal third-quarter sales growth of 18.4% year-on-year, to 10.10 billion Chinese Yuan ($1.
44 billion), topping the analyst consensus estimate of $1.38 billion . Total revenues increased 24.
5% sequentially. Adjusted net loss per ADS of 1.62 Chinese Yuan beat the analyst consensus estimate for a loss of 1.
71 Chinese Yuan. In USD terms, the adjusted earnings per ADS was a loss of 23 cents, which beat the consensus estimate of 27 cents loss. The stock price climbed after the print.
Also Read: Walmart Gears Up For Black Friday, Cyber Monday Specials: Major Discounts On Apple MacBooks, Sony TVs The Tesla Inc TSLA rival’s quarterly vehicle deliveries increased 16.3% year-on-year to 46,533. XPeng’s physical sales network had 639 stores, covering 206 cities as of September 30, 2024.
XPeng’s self-operated charging station network reached 1,557 stations as of September 30, 2024. Revenues from vehicle sales increased 12.1% Y/Y to $1.
25 billion. Gross margin was 15.3% versus (2.
7)% a year ago. Vehicle margin was 8.6% versus (6.
1)% a year ago, primarily attributable to the cost reduction and the improvement in the model product mix. Operating loss for the quarter was $0.26 billion.
The company held $5.09 billion in cash and equivalents as of September 30, 2024. Chairman and CEO of XPENG, Mr.
Xiaopeng He, highlighted the company’s transformed core competencies and execution capabilities, emphasizing that the successful launch of the M03 and P7+ marks the start of a strong growth cycle driven by significant product launches. He expressed confidence in leading XPENG to establish itself as a global leader in AI-driven automotive technology and accelerating the widespread adoption of AI in mobility. Dr.
Hongdi Brian Gu, Vice Chairman and Co-President of XPENG, noted that technology-driven cost reductions and significant quarter-over-quarter volume growth led to a record-high gross margin of 15.3%, marking the fifth consecutive quarterly improvement. He emphasized that the significant product cycle will drive sales volume growth while strengthening gross profit and cash flow.
This financial stability will enable continued investments in AI technology R&D, ensuring superior products and services for customers. Outlook : XPeng expects fourth-quarter vehicle deliveries of 87,000–91,000, up 44.6%–51.
3% year-on-year. The company expects fourth-quarter revenue of 15.3 billion Chinese Yuan–16.
2 billion Chinese Yuan, representing a year-on-year increase of 17.2%–24.1%, versus the consensus of 14.
77 billion Chinese Yuan . Price Action: At the last check on Tuesday, XPEV stock traded higher by 4.46% to $13.
59 premarket. Also Read: Netflix Scores Big: Beyoncé Set To Headline NFL Christmas Halftime Show Photo via Shutterstock © 2024 Benzinga.com.
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