June Chen and Reuters
Chinese automaker XPeng (9868) saw its net loss in the third quarter shrink to 1.81 billion yuan (HK$1.94 billion) compared to a 3.89 billion yuan deficit in the same period last year, as the deliveries of vehicles increased by more than 16 percent year-on-year to 46,533 last quarter.
Revenue jumped by 18.4 percent to 10.1 billion yuan in the period and it expects fourth-quarter revenue between 15.3 billion yuan and 16.2 billion yuan, compared with analysts' average estimate of 14.77 billion yuan, thanks to new car models and the improving domestic market.
"The successful launch of M03 and P7+ marks the beginning of a strong growth cycle underpinned by our major product cycles," said chief executive He Xiaopeng.
XPeng is seeing a steady demand for its Mona M03 mid-sized sedan, having delivered more than 10,000 units for the second straight month in October.
Mona M03 competes with BYD's (1211) Seagull and Dolphin and the higher-priced Tesla Model 3 and was launched in a bid to capture market share from BYD, Nio (9866) and Tesla.
After months of decline, passenger vehicle sales in China - the largest auto market in the world - rose for a second straight month in October to 2.73 million units, 11 percent higher than a year earlier.
The Mona M03
