Chinese electric vehicle startup XPeng, Inc. XPEV reported first-quarter results that showed resilience in the wake of the pandemic. The loss posted by the company came in line with analyst expectations and revenue exceeded estimates. The forward revenue guidance was soft, triggering a negative stock reaction in premarket trading.
XPeng and its Chinese peers are grappling with production disruptions in the wake of the COVID-19 resurgence in the country that forced factory shutdowns. Additionally, component shortages and input price inflation engendered by the Ukraine-Russia war are also weighing on performances.
Key Q1 Metrics: Guangzhou-based XPeng reported a first-quarter non-GAAP loss of 28 cents per share, in line with the consensus. The non-GAAP net loss came in at 1.701 billion yuan or $268.3 million, widening from the $786.6 million loss from a year ago.
Revenues climbed over 150% year-over-year to $1.176 billion, exceeding the consensus estimate of $1.1 billion. XPeng delivered 34,561 vehicles in the first quarter, up nearly 160% from the year-ago quarter.
First-quarter gross margin expanded from 11.2% in 2021 to 12.2% in 2022, with vehicle margin also improving from 10.1% to 10.4%.
"Our first quarter performance marked a strong start to 2022. Demand for our high-quality EV products was robust and our proprietary suite of technologies continue to lead the industry," said He Xiaopeng, chairman and CEO of XPeng. "
Related Link: Cathie Wood-Backed EV Maker Xpeng Clinches $1.14B Term Loan Deal To Fund Growth
Forward Outlook: XPeng guided second-quarter deliveries to climb 78%-99% to 31,000 to 34,000 units. April deliveries released earlier this month came in at 9,002 units.
The company expects revenues of 6.8 billion yuan to 7.5 billion yuan for the quarter, about 80-99% higher than a year ago. Analysts, on average, estimate revenue of $1.27 billion (8.5 billion yuan).
The company expressed confidence in expanding its market share despite the impact of semiconductor shortage and COVID-19.
In premarket trading Monday, XPeng stock was slipping 3.2% to $22.5, according to Benzinga Pro data.
Photo: Courtesy of Xpeng
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