Xpeng Inc – ADR (NYSE:XPEV) delivers stronger-than-expected third-quarter revenue

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Xpeng Inc – ADR (NYSE:XPEV), the Chinese electric vehicle manufacturer, stock rose 6.28% (As on Nov 24, 11:06:43 AM UTC-4, Source: Google Finance) after the company posted stronger-than-expected third-quarter revenue amid the global shortage in semiconductor supplies. Xpeng delivered 25,666 cars over the three months ended in October, triple the figure from the year-earlier period. Deliveries of the P7 were 19,731 in the third quarter of 2021, reaching a record quarterly high and representing an increase of 71.2% from 11,522 in the second quarter of 2021. In the third quarter of 2022, the company plans to begin the deliveries of the fourth EV model, the G9, which supports XPILOT 4.0. XPILOT 4.0 is expected to fundamentally transform mobility experiences into the next stage. The company has reported non-GAAP net loss of RMB1,492.1 million (US$231.6 million) in the third quarter of 2021, compared with RMB864.9 million for the same period of 2020 and RMB1,096.4 million for the second quarter of 2021. Non-GAAP net loss attributable to ordinary shareholders of XPeng was RMB1,492.1 million (US$231.6 million) for the third quarter of 2021, compared with RMB864.9 million for the same period of 2020 and RMB1,096.4 million for the second quarter of 2021.

Moreover, the revenues from vehicle sales were RMB5,460.1 million (US$847.4 million)for the third quarter of 2021, representing an increase of 187.7% from the same period of 2020, and an increase of 52.3% from the second quarter of 2021. Gross margin was 14.4% for the third quarter of 2021, compared with 4.6% for the same period of 2020 and 11.9% for the second quarter of 2021. Vehicle margin, which is gross profit of vehicle sales as a percentage of revenues from vehicle sales, was 13.6% for the third quarter of 2021, compared with 3.2% for the same period of 2020 and 11.0% for the second quarter of 2021.

XPEV in the third quarter of FY 21 has reported the adjusted loss of 1.77 renminbi ($0.27) per American depositary share, beating the analysts’ estimates for the adjusted loss of 2.14 renminbi per American depositary share. The company had reported the adjusted revenue growth of 187.4 percent to 5.72 billion renminbi in the third quarter of FY 21, beating the analysts’ estimates for revenue of 5.24 billion renminbi.

Looking ahead, the company expects Q4 revenue to be in the range of 7.1 billion to 7.5 billion renminbi. Two analysts polled by Capital IQ project revenue of 5.77 billion renminbi. Deliveries are projected to be between 34,5000 and 36,500 vehicles.

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