XPeng's Q1 2023 Earnings Gross Margin & Net loss worsen
Someone once reported XPeng will roll out flying cars and Robotaxi, surpassing Tesla this year. Tesla's price cut market strategy is working, the gap between the 2 companies has widen.
XPeng's share price dived 11% after forecast a plunge in car deliveries.
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The company reported first-quarter revenue of RMB 4.03 billion ($590 million), down 45.9 percent year-on-year and down 21.5 percent from the fourth quarter, according to its unaudited earnings report released today.
XPeng reported first-quarter vehicle sales revenue of RMB 3.51 billion, down 49.8 percent year-on-year and down 24.6 percent from the fourth quarter of 2022.
XPeng's gross margin was 1.7 percent in the first quarter, compared with 12.2 percent and 8.7 percent in the same period last year and the fourth quarter of 2022, respectively.
XPeng reported a net loss of RMB 2.34 billion for the first quarter, which was higher than market expectations for a net loss of RMB 1.898 billion. The figure was RMB 1.70 billion in the same period last year and RMB 2.36 billion in the fourth quarter of 2022.
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I reflected trading experiences by writing journals. My comments are for educational purposes not financial advice.
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