Didi loss grows amid XPeng woes

Didi saw its net loss widen by 2 percent to 1.35 billion yuan (HK$1.46 billion) in the first quarter after climbing marketing costs and losses on its stake in electric vehicle maker XPeng (9868) outweighed a revenue boost.

Despite a 14.9 percent rise in its revenue of 49.1 billion yuan, its operations and support expenses rose by 16.3 percent due to the rising driver operation fees, while higher consumer incentives also ate into the bottom line.

During the period, it also recorded an investment loss of 1.8 billion yuan, primarily from its stake in XPeng.

Adjusted earnings before interest, taxes, depreciation, and amortization stood at 1.6 billion yuan, a significant growth compared to 217 million yuan in 2023.

China's leading ride-hailing provider plans to list on Hong Kong's stock exchange this year.