Shares of Chinese EV major, XPeng (NYSE: XPEV) were sinking in pre-market trading at the time of publishing on Wednesday after the company’s losses widened in Q1 to an adjusted loss of RMB2.21 billion ($0.32 billion) versus RMB1.53 billion in the same period last year. Adjusted loss in Q1 was $0.19 per share compared to analysts’ estimates of a loss of $0.28 per share.
Even the company’s revenues declined by 45.9% year-over-year to $0.59 billion and below analysts’ estimates of $707.7 million. In the month of April, XPeng delivered 7,079 vehicles.
Looking forward, the management’s fiscal Q2 outlook proved to be disappointing as total revenues are expected to continue to fall in the range of 36.8% to 39.5% and to be between RMB4.5 billion ($638.3 million) and RMB4.7 billion ($666.7 million) while analysts were expecting revenues of $1 billion.
In the second quarter, the company’s vehicle deliveries are projected to fall by 36.1% to 39% to be between 21,000 and 22,000.
Analysts are sidelined about XPEV stock with a Hold consensus rating based on two Buys, four Holds and two Sells.
