Shares of the Chinese EV major XPeng (NYSE: XPEV) surged in morning trading on Friday even as the company reported an adjusted loss of $0.37 per ADS in the fourth quarter which was wider than analysts’ consensus estimate of a loss of $0.31 per share.
More disappointingly, sales declined by 39.9% year-over-year to $0.75 billion in Q4, again falling short of analysts’ estimates of $0.81 billion. Total vehicle deliveries slid by 46.8% year-over-year to 22,204 in the fourth quarter of 2022.
Looking forward, management also initiated an outlook for Q1 FY23 and now expects vehicle deliveries to be between 18,000 and 19,000, a decline in the range of 45% to 47.9%. Total revenues in the first quarter are expected to drop by 43.7% to 46.3% to be between RMB4.0 billion and RMB4.2 billion.
Overall, Wall Street analysts are sidelined about XPEV stock with a Hold consensus rating based on two Buys, three Holds, and two Sells.