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Shares of XPeng (NYSE:XPEV) are down over 3% after the electric vehicle (EV) company reported a weaker-than-expected forecast for vehicle deliveries for the third quarter.
For this quarter, XPEV reported an adjusted loss per ordinary share of 1.44 yuan while analysts were looking for a loss per share of 3.77 yuan. Revenue came in at 7.44 billion yuan, up 98% year-over-year. XPEV said it delivered 34,422 EV units, slightly ahead of the 34,167 consensus.
XPeng also reported a gross margin of 10.9%, better than the estimate of 9.61% but weaker than the 11.9% recorded for the same quarter last year.
“Our deliveries sustained robust growth momentum in the second quarter despite unprecedented circumstances brought by the resurgence of COVID-19 in certain areas of China,” said Mr. He Xiaopeng, Chairman and CEO of XPeng.
For this quarter, revenue is seen between 6.8 billion yuan to 7.2 billion yuan. Vehicle deliveries are seen between 29,000 and 31,000, which is significantly weaker than the 45,865 consensus.
Li Auto (NASDAQ:LI) and Nio (NYSE:NIO) are down about 1% in response to XPeng’s results.
