Chinese smart electric vehicle maker XPeng Inc. reported larger losses in the second quarter even as deliveries soared to a fresh record-high, the company reported in a filing.
- Net loss attributable to shareholders was RMB1.194 billion, higher than the RMB1.141 billion in 2020 and RMB786.6 million in the first quarter. Basic and diluted net loss per American depositary share both stood at RMB1.50.
- Total revenues climbed 536.7% to RMB3.761 billion from RMB590.8 million, as vehicle deliveries surged 439% to 17,398 from 3,228. Deliveries of the P7 climbed 44.5% to reach a record quarterly high of 11,522. Deliveries were up 228% to 8,040 in July alone.
- Vehicle deliveries are projected between 21,500 and 22,500 in the third quarter, representing year-on-year growth of 150.6% to 162.3%. Revenues are predicted between RMB4.8 billion and RMB5.0 billion, up 141.2% to 151.3% from the same quarter last year.
- Xpeng in July launched the G3, its mid-cycle facelift version of the G3, with deliveries expected in September. It also started pre-sales for its smart family sedan P5, which will officially be launched in China in September.
Chairman and Chief Executive He Xiaopeng is optimistic the firm will sustain growth, as first-half deliveries already exceeded full-year 2020 levels. XPEV is down 1.39% premarket.