Written by Cláudio Afonso | LinkedIn | X
China’s electric vehicle manufacturer Xpeng published its first quarter earnings results on Tuesday reporting a 49.8 percent crash in total revenues quarter over quarter to 6.55 billion RMB.
The gross margin surged to 12.9 percent in the first quarter of 2024, marking a substantial increase from 1.7 percent in the corresponding period of 2023 and 6.2 percent in the fourth quarter of 2023.
The company expects to deliver between 29 and 32 thousand vehicles in the second quarter of the year, which would represent a yearly growth of 25 to 37.9 percent.
In the first month of the quarter, the Guangzhou-based EV maker delivered 9,393 vehicles, of which 1,959 were Xpeng’s recently launched fully electric MPV X9. Based on that, Xpeng
China’s manufacturer Xpeng delivered 9,393 vehicles in April, of which 1,959 were Xpeng’s recently launched fully electric MPV X9. The April figures represent a 33 percent increase year-on-year and a sequential growth of 4 percent.
For the second quarter of the year, the brand expects its total revenues to be between 7.5 billion and 8.3 billion RMB, representing a year-over-year increase of 48.1 percent to 63.9 percent.
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Last week, Xpeng‘s CEO He Xiaopeng, in which Volkswagen holds a 4.99 percent stake, visited Hefei, where both the German automaker and its upcoming competitor Nio have production plants.
While Nio focuses on the premium segment with models priced above those of Xpeng, the sub-brand Onvo is set to launch in a few days, with its first model, the L60, directly competing with Xpeng‘s entry-level SUV, the G6. In addition, Xpeng is preparing to launch also a sub-brand, called Mona, in June.
The CEO arrived in the brand’s flagship SUV, the G9, and was hosted by William Li for a tour of Nio’s complex in Neopark. There, Xiaopeng delivered the brand’s MPV model, the X9, to Nio‘s CEO, William Li.
Written by Cláudio Afonso | LinkedIn | X
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The post Xpeng Expects 19,600 and 22,600 Units Delivered in May and June Combined first appeared on EV.