XPeng (NYSE:XPEV) gained in pre-market trading after the company announced that it expects second-quarter vehicle deliveries to be between 29,000 and 32,000, indicating growth in the range of 25% to 37.9%. The company anticipates higher demand for its vehicles due to lower prices and subsidies. Furthermore, the Chinese EV major has forecasted Q2 revenues between RMB7.5 billion and RMB8.3 billion.
XPEV’s Q1 Results
XPeng generated total revenues of RMB6.55 billion ($0.91 billion) for the first quarter, an increase of 62.3% year-over-year, beating Street estimates of $857.1 million. The company reported adjusted earnings of RMB1.49 ($0.21) per diluted American Depository Share (ADS), compared with adjusted earnings of RMB2.57 in the same period last year. Analysts expected the company to report a loss of $0.33 per ADS.
The EV major’s vehicle deliveries were 21,821 in Q1, an increase of 19.7% year-over-year, with total deliveries of 9,393 vehicles in April 2024.
Is XPEV Stock a Good Buy?
Analysts remain cautiously optimistic about XPEV stock, with a Moderate Buy consensus rating based on eight Buys, four Holds, and two Sells. Year-to-date, XPEV has plunged by more than 40%, and the average XPEV price target of $12.24 implies an upside potential of 47.8% from current levels. These analyst ratings are likely to change following XPEV’s Q1 results today.
