The Chinese electric car maker and Tesla competitor Xpeng released its figures for the first quarter of 2024 on Tuesday, exceeding analysts' expectations.

The company's revenue reached 6.55 billion yuan in the first quarter of 2024, significantly above the 6.147 billion yuan forecasted by FactSet analysts. Compared to the same period last year when Xpeng had a turnover of 4.03 billion yuan, this represents a considerable increase.

On the profit side, Xpeng recorded earnings per share (EPS) of -1.45 Yuan in the first quarter of 2024. Here too, the company exceeded the expectations of FactSet experts, who had anticipated a loss of 2.404 Yuan per share. In the same quarter of the previous year, the loss per share was still 2.71 Yuan.

At the New York Stock Exchange (NYSE), Xpeng stock closed on Tuesday with a gain of 5.92 percent at 8.77 US dollars.

The positive development of business figures illustrates Xpeng's continuous progress and increasing market acceptance of its vehicles, despite intense competition in the electric mobility sector.