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XPeng Inc (NYSE:XPEV) reported a fourth-quarter fiscal 2023 sales growth of 153.9% year-on-year, to CNY13.05 billion ($1.84 billion), missing the consensus of $1.86 billion.
Total revenues increased 153.9% from the same period of 2022 and rose 53.0% sequentially.
Adjusted net loss per ADS of $(0.28) beat the consensus loss of $(0.46).
The Tesla Inc (NASDAQ:TSLA) rival’s quarterly vehicle deliveries increased 170.9% year-on-year to 60,158.
Revenues from vehicle sales increased 162.3% Y/Y to $1.72 billion, mainly attributable to accelerating sales growth of the G6.
Gross margin was 6.2% vs 8.7% a year ago. Vehicle margin was 4.1% vs 5.7% a year ago. Operating loss for the quarter was $(0.29) billion.
The company held $6.44 billion in cash and equivalents as of December 31, 2023.
Outlook: XPeng expects first-quarter vehicle deliveries of 21,000 – 22,500, up 15.2% – 23.4% year-on-year.
The company expects first-quarter revenue of CNY5.8 billion – CNY6.2 billion, representing a year-on-year increase of 43.8% – 53.7%, vs. the consensus of CNY10.22 billion.
Investors can gain exposure to the stock via Invesco WilderHill Clean Energy ETF (NYSE:PBW) and VanEck Low Carbon Energy ETF (NYSE:SMOG).
Price Action: XPEV shares are trading higher by 3.67% at $10.18 in premarket on the last check Tuesday.
Image by Robert Way via Shutterstock
