Chinese electric car maker XPeng opened the year with a wider net loss, even as vehicle sales declined from the previous quarter.
XPEV is down 6.70%, while LIT is up 1.18%.
First-quarter net loss stood at RMB1.700 billion or $268.3 million, higher than the RMB786.6 million in the same quarter last year and 32.1% higher than the RMB1.287 billion in the previous quarter.
Vehicle sales were recorded at RMB6.998 billion, 14.5% lower than the previous quarter’s RMB8.187 billion but 149.0% higher than the RMB2.810 billion in the same quarter in 2021.
XPeng expects second-quarter deliveries to be between 31,000 and 34,000, indicating an annual increase of 78.2% to 95.4%. Total revenues are seen to be between RMB6.8 billion and RMB7.5 billion, equivalent to annual growth of 80.8% to 99.4%.
Chairman and Chief Executive He Xiaopeng said the company continues to pursue its strategic goal to make the advanced driver-assistant system more affordable and available to broader customers.