Chinese EV Maker Xpeng Narrows Losses As EV Sales Increased in China - PingWest
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Chinese EV Maker Xpeng Narrows Losses As EV Sales Increased in China
March 9, 2021 3:43 pmBeijing (PingWest)- Chinese electric vehicle maker Xpeng reported better-than-expected fourth quarter revenue and narrowed loss by 42% from the same period in 2019 as EV sales increased in China.
The company reported a revenue of CNY2.85 billion in the fourth quarter of 2020, representing year-over-year increase of 43.3%. The net loss for the quarter were CNY787.4 million, largely decreased from 1.15 billion in the third quarter and a CNY997.1 million loss a year earlier.
Xpeng’s fourth quarter deliveries were 12.964 units, representing a 302.9% year-over-year increase and a 51.1% month-over-month surge.
Xpeng anticipated it would deliver around 12,500 vehicles in the first quarter despite its February deliveries fell 63% month-over-month to 2,223. Xpeng blamed the huge monthly decline on an anticipated seasonal decline amid Chinese Lunar New Year Holiday.
In comparison, Xpeng rival Nio forecast deliveries of 20,000 to 25,000 vehicles in the first quarter.
P7 sedan, which was launched by Xpeng last year, has delivered a better percentage of growth than Xpeng’s G3 SUV. The company’s president Brian Gu said Xpeng will launch a second sedan model before the end of June.
The company will focus on R&D investment, branding and service-network building, as well as international expansion over the coming years, Gu said.
Xpeng began deliveries of its first batch of EVs to Europe in December.
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