Sam Boughedda

Investing.com – XPeng Inc (NYSE) reported its first-quarter earnings Monday, beating earnings and revenue expectations, but providing guidance that disappointed investors.

Analysts had predicted that the manufacturer of electric vehicles would make 7.45 trillion in revenue. However, this was higher than analysts expected at RMB 7.38 billion. Revenue also increased by 152.6% from year to year. 

According to the company, its net loss increased from RMB 786 million in the previous year to RMB 1.75 billion. It beat analysts’ expectations.

He Xiaopeng (Chief Executive Officer of XPeng) stated that “our first quarter performance was a strong start towards 2022.” We continue to have the best technology in the market and are able to meet high demand for our EV products.”

After massive disruptions to supply chains caused by China’s Omicron-based decision to exclude major cities, the company reported its quarterly results. 

Xiaopeng stated that XPeng could address the supply chain issues more efficiently because of its “superior internal technology development capability” and proactive supply chains management.

The first quarter saw deliveries of 34,561 vehicles. This is a 159% increase over the previous year. Meanwhile, the quarterly gross margin rose 100 basis points to 12.2%.

XPeng stock fell 7% Monday after the company’s outlook was disappointed despite beating earnings and revenue. 

According to the company’s outlook for second quarter, vehicle deliveries will be in between 31,000-34,000 and revenue expected to range between RMB 6.8 and RMB 7.7 billion. This is below RMB 8.14 billion.