Hyperdrive
Xpeng’s Electric Vehicle Sales Contract Again, Outlook Dims
- Fourth-quarter deliveries could plunge 52% year-on-year
- Revenue may decline as much as 44% in three months to Dec. 31
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Xpeng Inc. expects its electric-car deliveries to remain weak through the final quarter of the year, as China’s drawn out battle against Covid continues to impact vehicle production and sales.
US- and Hong Kong-listed Xpeng said Wednesday it expects to sell 20,000 to 21,000 electric vehicles in the three months through Dec. 31, which would be a fourth-straight quarter-on-quarter decline. The Guangzhou-based company delivered only 5,101 vehicles in October. Revenue in the fourth quarter will be 4.8 billion yuan ($677 million) to 5.1 billion yuan, it said.