Written by Cláudio Afonso | LinkedIn | X
Electric vehicle manufacturer XPeng published on Tuesday its second quarter earnings results disclosing that has continued to increase its gross margins while narrowing losses.
The Guangzhou-based manufacturer expects to deliver between 41,000 and 45,000 vehicles in the third quarter, which would represent a growth between 2.5% to 12.5%.
In the first half of the year, total revenues were 8.11 billion yuan, equivalent to $1.13 billion. The figure represents a 60.2% growth from the first six months of 2023.
For the second quarter, XPeng reported gross margin of 14.0%, significantly improving from the negative 3.9% reported a year ago and 1.1% higher sequentially.
Revenues from vehicle sales in the second quarter were 6.82 billion yuan ($0.94 billion) —54.1% higher year over year — as vehicle deliveries increased 30.2% in the same period to 30,207 units.
The EV maker posted a loss per share of 0.65 yuan, significantly better than the Wall Street estimates of 1.70 yuan.
Last week, the CEO Xiaopeng He announced that the company’s new and cheaper model, the Mona M03, will be officially launched on August 27.
Written by Cláudio Afonso | LinkedIn | X
