XPeng (NYSE: XPEV) popped by more than 30% in morning trading on Wednesday even as the Chinese EV major’s loss of $0.36 per ADS in the third quarter exceeded Street estimates of a loss of $0.33.
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The company posted revenues of $0.96 billion in Q3, up 19.3% year-over-year but falling short of Street estimates by $35.5 million. At the end of Q3, total vehicle deliveries were 29,570, a growth of 15% year-over-year.
Wall Street analysts are cautiously optimistic about XPEV with a Moderate Buy consensus rating based on six Buys, one Hold and two Sells.
XPEV also initiated guidance for Q4 and disappointingly, expects its vehicle deliveries to be between 20,000 and 21,000, a steep year-over-year decline in the range of 49.7% to 52.1%.
Total revenues in the fourth quarter are forecasted to be in the range of RMB4.8 billion to RMB5.1 billion, representing a year-over-year drop of around 40.4% to 43.9%.