XPeng, Inc. ADR (XPEV) has released an update.
XPeng Inc., a leading Smart EV company, reported a significant increase in fourth quarter revenues for 2023 at RMB13.05 billion, marking a 53% rise from the previous quarter and a 153.9% surge year-over-year. Vehicle deliveries for the quarter soared by 170.9% to 60,158 units compared to the same period in 2022. Despite these gains, the company’s full-year gross margin declined by 10 percentage points, with a net loss of RMB1.35 billion for the quarter, which is nevertheless an improvement from the losses incurred in both the previous quarter and the same quarter the prior year.
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