Xpeng reduces losses in the third quarter but remains under pressure

11/20/2024, 5:07 PM

Xpeng reduces losses and increases revenue, but falls short of expectations and comes under pressure in the stock market.

Eulerpool News Nov 20, 2024, 5:07 PM

The Chinese electric car manufacturer Xpeng reduced its losses in the third fiscal quarter of 2024, but still faces challenges. After a loss of 4.49 CNY per share in the previous year, the deficit decreased to 1.91 CNY per share, which was better than analysts' expectations of -2.115 CNY.

Revenue increased by 19 percent year-on-year to 10.1 billion CNY (1.4 billion USD). However, Xpeng slightly missed market expectations of 10.03 billion CNY.

This illustrates the ongoing challenges the company faces in a highly competitive environment, particularly compared to rivals like Tesla and BYD.

While the Xpeng stock initially recorded slight gains in pre-market trading on the New York Stock Exchange NYSE, it slipped by 2.73 percent to 12.66 US dollars in regular trading. Analysts are critically observing the company's development, particularly concerning its ability to become profitable in the long term.

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