XPeng Exceeds Q1 2024 Earnings Estimates with ¥6.55B Revenue, EPS ¥0.75, Stock Rises

May 21, 2024, 12:09 PM

XPeng Inc., a Chinese electric vehicle manufacturer, reported its first-quarter 2024 earnings, surpassing market expectations. The company reported an EPS of ¥0.75, beating the estimated ¥2.06. Revenue for the quarter was ¥6.55 billion, exceeding the estimated ¥6.19 billion, which represents a 62.3% increase year-over-year but a 49.8% decline quarter-over-quarter. The vehicle margin improved to 5.5%, up from -2.5% YoY and 4.1% QoQ. XPeng's revenues from services and others reached RMB 1 billion, a 93.1% YoY increase, driven by technical R&D services related to its collaboration with Volkswagen. In Q2 2024, XPeng expects revenue between ¥7.5 billion and ¥8.3 billion, below the estimated ¥9.24 billion. The company also expects to sell more than 29,000 units in Q2, with vehicle deliveries rising 19.7%. XPeng reported EPADS of $(0.21) and sales of $906.90 million, surpassing the estimated $867.33 million. Following the earnings report, XPeng's stock rose 7.1% in pre-market trading, and the stock was up 6.04%.