Chinese EV major XPeng (NYSE: XPEV) slid at the time of writing on Friday after the company reported an adjusted loss of $0.43 per American Depository Share (ADS), which was wider than analysts’ expectations of a loss of $0.30 per ADS. This was the company’s highest loss since it went public in 2020.
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Disappointingly, the company’s revenues declined by 31.9% year-over-year to $700 million but still beat Street estimates of $695.01 million. In Q2, XPeng delivered 23,205 vehicles, a growth of 27.3% quarter-over-quarter. As of July 31, 2023, the company has delivered 52,443 vehicles year-to-date.
XPeng also announced the appointment of Mr. Jiaming Wu as the VP of finance and accounting.
Looking forward, in the third quarter, XPeng expects to deliver vehicles in the range of 39,000 to 41,000 while revenues are projected to be between RMB8.5 billion (~$1.6 billion) and RMB9.0 billion (~$1.7 billion).
Analysts are cautiously optimistic about XPEV stock with a Moderate Buy consensus rating based on seven Buys, four Holds and three Sells.
