Xpeng (XPEV) reported higher-than-expected fourth-quarter results on Monday after EV prices rose due to higher material costs. Nio (Nio) will provide the long-awaited ET7 electric vehicle to its Chinese customers. Xpeng shares and Nio plunged in early trading.
ET7 is Tesla (TSLA) Chinese Model S and Xpeng P7.
Xpeng Revenue: $ 1 Billion Quarterly
Estimate: Wall Street expected Xpeng to lose 33 cents per ADR, compared to 7 cents a year ago. Revenue was $ 1,223 million, up 180% year-on-year, according to FactSet. This shows a slowdown from 199%. Increased sales in the third quarter.
result: Xpeng reported lower-than-expected losses of 24 cents per American Depositary Receipt in both basic and dilute earnings. Car sales revenue increased 199% to $ 1.28 billion, the company’s first $ 1 billion quarter. % Higher than Q3 sales.
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Xpeng has already revealed that it sold 41,751 EVs in the fourth quarter of 2021, an increase of 222% year-on-year and a significant increase from the third quarter, despite a shortage of car chips. did. The number of units delivered in March was approximately 14,600. Xpeng delivered 6,225 EVs in February, an increase of 180% year-on-year, but a significant decrease from 12,922 in January.
So far this year, Chinese EV startups Xpeng (XPEV) and Reauto (LI) In January and February, it surpassed its rival Nio. Chinese EV companies will report March and Q1 sales in a few days.
Delisting threat hits Xpeng stock
In pre-market trading on Monday, XPEV stocks surged 6.7% and Nio rose 2.7%.
On Friday, Xpeng’s stock put 7.6% into the tank and Nio plummeted 9.4%. Xpeng stocks have fallen over the past year, well below the 50-day moving average with no visible buying points. Li Auto and China EV Giants BYD (BYDDF) may report next week as well, giving up about 5% each. Tesla worked with a buypoint of 1208.10, reducing Friday’s losses to 0.3%.
In 2021, EV sales surged in China, once again becoming the world’s largest electric vehicle market.
EV sales in China have been strong so far in 2022, but there are other concerns with Xpeng and its peers, and Chinese companies at risk of microblogging service Weibo being delisted on the US Stock Exchange. After landing on the list of, I slipped on Friday.
There are other concerns as well.
Xpeng, like Tesla and others, raised EV prices in March due to rising material prices. Meanwhile, the global chip shortage continues, and Omicron subvariants are now booming in parts of China, including major manufacturing hubs.
Next are Nio’s first electric sedan, the ET7, arriving on Monday, and a high-tech long-range EV. Soon a small ET5 will follow. These new Nio EVs challenge not only the Tesla Model S and Model 3 in China. , Not only Xpeng’s P7 and P5.
Especially, Volkswagen (VWAGY) said in March that the Ukrainian war would make China a bigger priority as it blames Europe’s car supply chain.
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