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.
