XPeng slides 5pc in pre-market trading

Staff reporter

XPeng (9868) dropped more than 5 percent in the US pre-market trading after the Chinese electric vehicle maker said its first-quarter net loss widened by 37 percent to 2.34 billion yuan (HK$2.6 billion) from a year ago.

The adjusted net loss, which excludes share-based compensation expenses, was 2.21 billion yuan in the first three months, compared with 1.53 billion yuan from the previous year.

Total revenue during the period slumped 45.9 percent to 4.03 billion yuan from a year earlier. This also represents a decrease of 21.5 percent from the fourth quarter of 2022.

Total deliveries of 18,230 vehicles during the first quarter went down 47.3 percent from a year ago and were 17.9 percent lower than that in the last quarter of 2022.

Looking ahead, Xpeng expects revenue to be between 4.5 billion yuan and 4.7 billion yuan in the second quarter, a year-on-year decline of 36.8 percent to 39.5 percent.

It also forecast deliveries to be between 21,000 and 22,000 for the same period, representing a year-over-year decrease of 36.1 percent to 39 percent.