XPeng’s net loss narrows by 44pc

Xpeng (9868) narrowed its net loss by about 44 percent to 5.79 billion yuan (HK$6.22 billion) last year, driven by record-high deliveries and ongoing technological cost reductions.

On the fourth quarter, the Chinese EV maker forecast first-quarter revenue above estimates, betting on the launch of its lower-priced G6 and G9 SUV models as well as its foray into European markets.

China has a hyper-competitive EV market where carmakers try to undercut the competition by offering a bevy of features at a much lower cost than their Western counterparts.

XPeng forecast first-quarter revenue of 15 billion yuan to 15.7 billion yuan, the midpoint of which is above analysts' average estimate of 14.86 billion yuan, according to data compiled by LSEG.

The Guangzhou-based company expects to deliver between 91,000 and 93,000 vehicles in the first quarter, which is about 317 percent to 326.2 percent higher than a year ago.

Earlier this month, XPeng revealed its refreshed G6 and G9 SUVs at prices lower than their previous models.

STAFF REPORTER AND REUTERS