TECH - XPeng's Margins Turned Positive As A Result Of Cost Cuts | Benzinga
XPeng Inc (NYSE: XPEV) delivered a less-than-feared fourth quarter loss due to cost cuts that brought margin improvements. However, the China-based EV maker provided a muted EV delivery guidance amid the economic and demand slowdown, joining the EV king Tesla Inc (NASDAQ: TSLA) who also warned of a slowdown by stating this year’s vehicle volume growth could be "notably lower” compared to last year. Both Tesla and XPeng confirmed the launch dates of their affordable EVs in response to the rising competition amid a weakening macroeconomic backdrop.
Fourth Quarter Highlights
During the quarter that ended on December 31st, XPeng reported its net loss lowered from last year’s comparable quarter when it amounted to $330 million to $190 million.
XPeng delivered 60,158 vehicles, which translates to an impressive YoY growth of 170.9%. Total revenue expanded 153.9% YoY to $1.84 billion, surpassing $1.76 billion that analysts expected. Non-GAAP net ...