Chinese EV builder Xpeng predicts record fourth-quarter deliveries as its discounted new models prove popular with motorists

Name: Electric car designed by Swiss students sets new world record for acceleration
Uploaded: 2023-11-15T13:22:42.000Z
Duration: 2 min 18 s
Description: Electric car designed by Swiss students sets new world record for acceleration

The carmaker saw its net losses expand to US$537 million in the quarter ended September 30

‘Xpeng’s new G6 SUV has convinced consumers of its quality and performance,’ said Tian Maowei at Yiyou Auto Service in Shanghai

Reading Time:2 minutes

Why you can trust SCMP

Xpeng’s revenue grew 68.5 per cent on a quarterly basis to 8.53 billion yuan, in line with analysts’ estimates. Photo: Reuters

Daniel Renin Shanghai

Published: 9:22pm, 15 Nov 2023

Chinese electric vehicle (EV) builder Xpeng foresees a big jump in deliveries in the fourth quarter as its new models – many being offered at a discount – prove increasingly popular with mainland drivers.

The Guangzhou-based carmaker said it would hand between 59,500 and 63,500 vehicles to customers between October and December, a surge of up to 59 per cent from the third quarter. If that estimate proves accurate, the quarterly sales would mark an all-time high for Xpeng – no easy feat amid the increasingly fierce competition in the world’s largest EV market.

“In the third quarter of 2023, our business stepped into the initial phase of a virtuous cycle,” He Xiaopeng, co-founder and CEO of Xpeng, said in a statement after the company published its third-quarter earnings on Wednesday.

“I am confident that the transformational adjustments we began to implement early this year will yield more positive results in 2024 and beyond, accelerating our virtuous cycle and rapid growth by the fourth quarter of 2024.”

Xpeng reported a net loss of 3.89 billion yuan (US$537 million) in the quarter ended September 30, much greater than the 2.8 billion yuan loss in the previous quarter.

02:18

Electric car designed by Swiss students sets new world record for acceleration

The per-share net loss came to 2.25 yuan, slightly better than a median forecast of 2.52 yuan by analysts in a Bloomberg survey.