EV makers in dilemma: Making money or paving the way?
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XPeng Q3 2022 Earnings Snapshot
EV maker XPeng soars 47% on earnings release, when Covid Zero starts to change
XPeng is a leading smart EV company that designs, manufactures, and markets Smart EVs that appeal to the large and growing base of technology-savvy consumers. The company is headquartered in Guangzhou, with offices in Mountain View, California and has been publicly traded since August 2020.
XPEV’s share price soars 47% following its Q3 2022 results and the company plans to implement cost control initiatives and improve operational efficiency. The management is confident to achieve improvement in both average selling price and delivery volumes.
Q3 2022 Financial Highlights:
• Quarterly revenues reached $0.92 billion, representing an increase of 19.3% year-over-year(YoY).
• Net loss was $0.33 billion for Q3 2022, compared with $0.22 billion for the same period of 2021 and $0.38 billion for Q2 2022.
• Total deliveries of vehicles were 29,570 in Q3 2022, representing an increase of 15% YoY.
• There were 5,811 vehicles delivered in November 2022. A total of 109,465 vehicles were delivered cumulatively in the first eleven months of 2022.
• Gross margin was 13.5% for Q3 2022, compared with 14.4% for the same period of 2021
• Cash and cash equivalents were $5.64 billion as of September 30, 2022
• On September 2022, XPENG received its third consecutive annual MSCI ESG rating of AA, ranking top among carmakers worldwide.
According to Morningstar, by December 1, 2022, XPEV's share had dropped over 75% since the start of 2022, underperforming the S&P 500 (.SPX), which is about a 15% decline in the same period.
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