Tesla rival Xpeng reports sevenfold rise in sales revenue as demand for electric vehicles in China soars
- The electric car maker reported US$450.4 million in sales revenue in the first quarter, a massive leap of 616.1 per cent from a year earlier, and better than forecasts
- The results mark a high-water level for the seven-year-old company, which listed in New York last year, and produced its first electric car in 2018
The company reported 2.95 billion yuan (US$450.4 million) in sales revenue in the first quarter, a massive leap of 616.1 per cent from a year earlier, and better than the 2.89 billion yuan forecast by analysts in a Bloomberg poll.
The maker of the P7 saloon posted a loss of 786.6 million yuan, also better than the market estimate of a 904.8 million yuan loss.
Xpeng delivered 13,340 vehicles between January and March, five times the figure from a year earlier and 2.9 per cent higher than the previous quarter.
“The first quarter gave us a great start to 2021 with record-breaking vehicle deliveries, notwithstanding seasonally slower demand for automobiles and a shortage of semiconductors,” said He Xiaopeng, chairman and CEO of Xpeng. “Our strong momentum was propelled by our industry-leading autonomous driving technology, a solid differentiated product strategy and our vision to lead smart EV development and transformation.”
Xpeng said that in April it had delivered 5,147 electric cars, nearly double the number in March.