XPEV - Xpeng shares climb on record revenue in Q4

2024-03-19 07:13:02 ET

Xpeng Inc (NYSE: XPEV) is trading up in premarket on Tuesday after reporting record revenue for its fourth financial quarter.

Xpeng revenue jumped 154% in Q4

The electric vehicles company saw a whopping 154% annualised growth in revenue to ¥13.05 billion ($1.84 billion) in Q4 – that nonetheless fell short of ¥13.28 billion that experts had forecast.

delivered 60,158 vehicles in its recently concluded quarter – up 171% versus a year ago. Xiaopeng He – the chief executive of Xpeng Inc said in a press release today:

Xpeng is about to embark on a major product cycle. We plan to launch more than 10 brand new models over the next three years. We will also make entry into more international markets.

Xpeng stock is still down more than 25% versus the start of 2024.

Xpeng turned its vehicle margin positive

Xpeng improved its vehicle margin by some 10% sequentially in the fourth quarter as “cost reduction and operational improvement began to bear fruit”.

That helped the EV maker significantly narrow its net loss from ¥2.36 billion to ¥1.35 billion in Q4. On a per share basis, it lost ¥0.99 (adjusted), as per the earnings report.

now forecasts up to 22,500 deliveries in its fiscal first quarter. The New York listed firm ended its recent quarter with ¥45.70 billion in cash and equivalents (including restricted cash, short-term investments and time deposits).

Wall Street currently has a consensus “overweight” rating on Xpeng shares.

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