Hyperdrive
Xpeng’s Loss Narrows as Outlook Shows Impact of EV Price War
- Chinese maker of electric cars plans to launch new models
- Monthly vehicle deliveries have trailed rivals BYD and Tesla
An XPeng Inc. X9 electric vehicle.
Photographer: Billy H.C. Kwok/BloombergThis article is for subscribers only.
Chinese electric vehicle maker Xpeng Inc. reported a narrower-than-estimated first-quarter loss but the dim outlook it gave underscored the degree to which China’s bruising price war is hurting business.
The automaker’s non-GAAP net loss attributable to ordinary shareholders shrank to 1.41 billion yuan ($195 million) for the first three months of the year, according to a statement Tuesday. That was better than analyst estimates of a 1.71 billion yuan deficit. Revenue jumped 62.3% from the same period a year ago to 6.55 billion yuan, versus expectations for 6.11 billion yuan.