Chinese smart electric vehicle maker Xpeng Inc. saw revenues climb by 616.1% in the first three months after posting record deliveries during the period, according to press release.
- Total revenues surged to RMB2.905 billion from RMB372.2 million the same quarter last year. Sales were at RMB2.735 billion in the fourth quarter of 2020.
- Deliveries grew 487.4% to 13,340 from 2,271 in the first three months of 2020 and 12,964 in the fourth quarter last year.
- Xpeng ended the first quarter with 178 stores and 61 service centers in 70 cities; and 172 super charging stations in 60 cities.
- Chairman and Chief Executive Officer He Xiaopeng attributed the record sales to the company’s autonomous driving technology and its lead on smart electric vehicle development.
- Net loss for the quarter stood at RMB786.6 million, which compares with RMB649.8 million the same quarter in 2020 and RMB787.4 million the previous quarter.
- Basic and diluted net loss per ADS was RMB0.99 versus RMB5.16 in the first quarter of 2020 and RMB1.05 in the fourth quarter.
- For the second quarter, Xpeng expects deliveries to grow between 380.2% to 395.7% to between 15,500 and 16,000 vehicles.
- Revenues for the quarter are likewise seen to grow 475.5% to 482.4% to RMB3.4 billion and RMB3.5 billion.
XPEV:NYSE is up 2.26%