What To Know: XPeng reported quarterly losses of 37 cents per share which missed the analyst consensus estimate for losses of 26 cents per share by 42.31%. This is a 32.14% decrease from the same period last year.

The company reported quarterly sales of $587.31 million which missed the analyst consensus estimate of $741.07 million by 20.75%. This is a 50.06% decrease over sales of $1.18 billion in the same period last year.

XPeng expects second quarter revenue of $657.7 million-$686.9 million. Deliveries are expected to be between 21,000 and 22,000 vehicles, a year-over-year decrease of 36.1% to 39%.

He went on to tout the G6, the first production model built on Xpeng's next-generation technology architecture SEPA2.0, anticipated for launch in June 2023.

Nio held its ES6 launch event on Wednesday.

From Yesterday: What's Going On With Alibaba, JD.com And Nio Shares Today?

NIO Price Action: NIO shares were down 9.66% at $7.91 at the time of publication, according to Benzinga Pro.

Photo: courtesy of Nio.