XPeng (NYSE:XPEV) released third-quarter guidance that came in below market expectations, but shares gained nearly 2% in pre-market today.
For the second quarter, the Chinese electric vehicle maker reported a loss per share of 0.65 yuan, significantly beating analysts’ forecast of a 1.70 yuan loss. Revenue for the quarter came in at 8.11 billion yuan, just below the consensus estimate of 8.19 billion yuan.
XPeng delivered 30,207 vehicles during the quarter, slightly missing the expected 30,933 units. However, the company’s gross margin surpassed forecasts, reaching 14%, above the projected 12.7%. Additionally, the operating loss of 1.61 billion yuan was narrower than the anticipated loss of 1.95 billion yuan.
For the third quarter of 2024, XPeng provided revenue guidance in the range of 9.1 to 9.8 billion yuan, falling short of the average analyst estimate of 10.58 billion yuan. The company expects to deliver between 41,000 and 45,000 vehicles, compared to the forecasted 44,727 units.