XPEV - XPeng decelerates on downbeat guidance

Cautious guidance from Xpeng Inc. (NYSE:XPEV) is curtailing upside movement for shares on Monday. The Guangzhou-based EV manufacturer reported a lighter loss than anticipated in the first quarter while driving an 152.6% revenue increase from the prior year, also besting analyst expectations. Additionally, despite government restrictions reining in deliveries, 34,561 vehicles were delivered in the first quarter. That figure represented an 159% acceleration from 13,340 autos delivered in the prior year. “Demand for our high-quality EV products was robust and our proprietary suite of technologies continue to lead the industry,” CEO He Xiaopeng said. “Superior in-house technology development capability and proactive supply chain management enabled us to address supply chain challenges more efficiently. We remain confident in expanding our market share despite the impact of semiconductor shortage and COVID-19.” However, the automaker offered disappointing guidance after the earnings beat, which appeared to temper enthusiasm in pre-market hours. The company now

For further details see:

XPeng decelerates on downbeat guidance