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Chinese EV maker Xpeng pushed to deeper losses as expenses rise

Bloomberg11/23/2021 6:57 PM GMT+08  • 3 min read
Chinese EV maker Xpeng pushed to deeper losses as expenses rise
Xpeng President Brian Gu noted the company had "achieved strong growth momentum despite the challenges of semiconductor shortage."
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Chinese electric-vehicle maker Xpeng Inc. reported a bigger loss than the market was expecting for the third quarter as costs related to research and development and selling expenses jumped.

The Guangzhou-based company, which is listed in the U.S. and Hong Kong, unveiled a net loss of 1.59 billion yuan (US$249 million; $340 million) for the three months through September, versus a 1.15 billion yuan loss a year earlier and a 1.19 billion yuan deficit the previous quarter. Analysts on average had forecast a loss of 1.09 billion yuan.

Revenue increased to 5.7 billion yuan, beating the company’s guidance of 5 billion yuan and bettering average analyst expectations for 5.2 billion yuan. Gross margin for the three-month period was 14.4%, better than the second quarter’s 11.9% and the 13.4% the market expected.

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