Chinese electric car maker Xpeng (XPEV) Announced plans to sell a new sedan later this year and reported mixed results for the fourth quarter on Monday, a week after its rival. New (NIOPublished by A. Mixed report warned of global chip shortage. Xpeng shares rose.
Xpeng Earnings Report
EstimatesWall Street expected to lose 12 cents a share on revenue of $ 411.38 million, according to Yahoo Finance.
consequences: Xpeng lost 15 cents a share as revenue increased 345.5% to $ 437 million.
Earlier, Xpeng announced the sale of 12,964 vehicles in the fourth quarter of 2020, an increase of 303% over last year. It delivered a total of 27,041 vehicles in 2020, an increase of 112%. It makes the P7 sedan, a competitor to the Tesla Model 3 made in China, and the small SUV G3.
In comparison with, New (NIO17,353 electric vehicles were sold in the fourth quarter and 43,728 during the year. Lee Otto (In the14,464 hybrid electric vehicles were sold in the fourth quarter and 32,624 cars during the year. But last week, Nio warned that a shortage of chips and batteries would slow production to 7,500 per month in the second quarter from 10,000 vehicles per month in February.
Xpeng, Li Auto and Nio all reported February deliveries last week that were significantly down from January, amid the Lunar New Year holiday. The Xpeng shipments were 2,223 EVs versus 6,015 in January. The company expects to deliver 12,500 vehicles in the first quarter, an increase of nearly 450% compared to the previous year. That would also mean a delivery of 4,262 in March.
Meanwhile, Xpeng plans to launch a new sedan in the fourth quarter of the year that will feature laser sensors.
The shares rose 3.6 percent to 29.04 on Monday Stock market trading After initially sinking 4%. Xpeng is still well below the 50-day streak, according to MarketSmith Chart Analysis. The Relative strength line XPEV stock has been declining since January.
Among other EV stocks, Li Auto was up 1.8% and Nio was down 0.3% Tesla (TSLA) Added 0.2%.
Chinese electric car stocks rose in 2020 as sales boomed and recovered from an early pandemic hit. Xpeng and Li Auto also joined the Explosion of stocks of new electric vehicles Last year it registered initial public offerings of $ 1 billion.
But Xpeng and its peers are under pressure this year amid a decline by Tesla, the world leader in electric vehicles. Also, China has cut subsidies for electric cars, while Chinese tech and auto giants have entered the electric car market.
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