Chinese EV maker Xpeng expects minimum 35% jump in sales, citing tech investments
- The Guangzhou-based company reported a narrower loss for the second quarter amid 25 per cent revenue growth
The Guangzhou-based company said in its quarterly earnings report on Tuesday that total sales could reach 41,000 to 45,000 units for the three months ending September, up between 35.7 and 49 per cent from the second quarter, when it handed 30,207 vehicles to customers at home and abroad.
Xpeng reported a net loss of 1.28 billion yuan (US$179.2 million) for the second quarter, narrowing 6.6 per cent from a 1.37 billion yuan loss in the first quarter. The result beat a median analyst forecast of a 1.63 billion yuan loss in a Bloomberg survey.
Revenue shot up 23.8 per cent quarter on quarter to 8.1 billion yuan.
“We are about to enter into a strong product cycle,” co-founder and CEO He Xiaopeng said in a statement on Tuesday. “In the next three years, we will have a large number of new models and facelift versions in the pipeline for market launch.”
The product line-up, more efficient marketing and technological advantages including breakthroughs in artificial intelligence “will be transformed into sales growth in China and the international market”, he added.
