Shares of Xpeng Inc
XPEV,
fell 3% in premarket trading on Tuesday, after the Chinese electric vehicle company. Xpeng reported a loss of RMB 778.1 million ($116.2 million) for the quarter to June 30, down from the RMB 1.619 billion loss recorded in the period earlier. Excluding non-recurring losses, the electric car maker had a loss of RMB 2.88, compared with the FactSet consensus for a loss of RMB 2.17. Revenue rose to 7.436 billion RMB from 3.761 billion RMB a year ago, beating the FactSet consensus of 7.307 billion RMB. The company delivered 34,422 vehicles during the period, up 98% from a year earlier. Shipments of the company’s P7 smart sports sedan rose 39% to 15,983. “Our shipments maintained strong growth momentum in the second quarter despite the unprecedented circumstances caused by the resurgence of COVID-19 in certain areas of China,” said He Xiaoping, chairman and CEO of XPeng. The company is on track to officially launch its flagship G9 SUV in September, he added. Xpeng now expects third-quarter EV shipments of 29,000 to 31,000, or an increase of about 13% to 20.8%. It expects revenue of RMB 6.8 billion to RMB 7.2 billion, below the FactSet consensus of RMB 10.3 billion. The stock is down 58% year to date, while the S&P 500
SPX,
has fallen by 13%.