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Investing.com -- Xpeng (NYSE:XPEV) shares jumped more than 7% in U.S. premarket trading Wednesday after the Chinese electric vehicle (EV) maker reported a narrower-than-expected loss for the first quarter, alongside revenue and delivery figures that topped analyst forecasts.
The company posted a net loss of RMB0.22 per share, beating estimates by RMB1.29. Revenue for the quarter came in at RMB15.81 billion, also ahead of the RMB15.69 billion consensus.
Xpeng reported Q1 vehicle deliveries of 94,008 units, more than the 90,592 that analysts expected.
“Despite seasonality for auto sales, our quarterly deliveries hit a new historical high, making us the top-selling automaker among emerging EV companies. Positive market feedback strengthened our confidence in our three-year product cycle," said Mr. Xiaopeng He, Chairman and CEO of Xpeng.
“We are just beginning to unleash our growth potential. I believe our strong product cycle, global expansion and accelerated adoption of physical AI technologies, will fuel strong and sustainable growth for XPENG.”
Xpeng’s gross margin for Q1 improved to 15.6%, above the forecast of 14.8%.