XPeng Inc (NYSE:XPEV) reported a second-quarter FY23 sales decline of 31.9% year-on-year, to RMB5.06 billion ($698.2 million), beating the consensus of $694.3 million.
Non-GAAP net loss per ADS of $(0.43) missed the consensus loss of $(0.31).
The Tesla Inc (NASDAQ:TSLA) rival’s quarterly vehicle deliveries decreased 32.6% Y/Y to 23,205.
Also Read: XPeng Faces Uncertainty After Tesla Lowered Price of Some Model Y in China
Revenues from vehicle sales decreased 36.2% Y/Y to $610.2 million, mainly attributable to lower vehicle deliveries and the discontinuation of new energy vehicle subsidies.
Gross margin loss was (3.9)% vs 10.9% a year ago. Vehicle margin loss was (8.6)% vs 9.1% a year ago. Operating loss for the quarter was $(426.2) million.
The company held $4.65 billion in cash and equivalents.
“XPENG G6, our first strategic model built on SEPA 2.0, has quickly become one of the best-selling models following its official launch in June, turbocharging our sales growth momentum,” said Mr. He Xiaopeng, Chairman and CEO of XPENG.
” I believe the success of the G6 is just the beginning and moving forward, a wider range of SEPA2.0-enabled models will be brought to our customers.”
Outlook: XPeng sees Q3 vehicle deliveries of 39,000 – 41,000, up 31.9% – 38.7% Y/Y.
The company expects Q3 revenue of RMB8.5 billion – RMB9.0 billion, representing a Y/Y increase of 24.6% – 31.9%, vs. the consensus of $1.34 billion.
Price Action: XPEV shares are trading lower by 6.45% at $14.64 in premarket on the last check Friday.
