Why XPeng Stock Is Moving Lower Today

XPeng Inc XPEV shares are trading lower Monday after the company reported its unaudited financial results. 

XPeng said first-quarter revenue increased 152.6% year-over-year to RMB7,454.9 million ($1.18 billion), which beat the estimate of $1.09 billion, according to data from Benzinga Pro. The company reported a quarterly earnings loss of 28 cents per share, which was in line with analyst estimates. 

XPeng said it delivered 34,561 vehicles in the first quarter, representing an increase of 159% year-over-year. 

"We remain confident in expanding our market share despite the impact of semiconductor shortage and COVID-19," said He Xiaopeng, chairman and CEO of XPeng.

XPeng expects second-quarter vehicle deliveries to be between 31,000 and 34,000. Second-quarter revenue is expected to be between $1.02 billion and $1.13 billion.

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XPEV 52-Week Range: $18.01 - $56.45

The stock was down 7.79% at $21.46 at time of publication.

Photo: courtesy of XPeng.