EV maker Xpeng expects jump in 3Q deliveries as its semi-autonomous SUV takes off, after posting wider loss

The Guangzhou-based carmaker said that 39,000 to 41,000 EVs are likely to be handed to domestic customers in third quarter

Xpeng’s G6 is the first model developed under the company’s new technology platform SEPA 2.0

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Xpeng expects big jump in third-quarter EV deliveries as G6 booms. Photo: Weibo

Published: 6:00am, 19 Aug 2023Updated: 6:27am, 19 Aug 2023

Chinese electric vehicle (EV) maker Xpeng has forecast a big jump in deliveries during the third quarter of this year, buoyed by its new G6 model that has semi-autonomous driving capabilities.

The Guangzhou-based carmaker said in its second-quarter earnings report on Friday that a total of 39,000 to 41,000 EVs are likely to be handed to mainland Chinese customers between July and September, up 68 to 76.7 per cent from the previous quarter.

The upbeat estimates were presented after Xpeng reported that its net loss for the second quarter widened 19.7 per cent to 2.8 billion yuan (US$384 million) from the 2.34 billion yuan recorded in the three months ended March 31.

The EV maker cited inventory write-downs, increased sales promotions, and the expiration of Chinese EV subsidies as negative factors for its business.

Revenue came in at 5.06 billion yuan, beating Deutsche Bank’s estimate of 4.94 billion yuan, up 25.5 per cent quarter on quarter.